Mike DePaul: Newport Wealth Advisor Receives 6-Figure Complaint

Newport Beach financial advisor Mike DePaul (CRD# 4540570) recently received an investor complaint alleging that his advice led to six-figure losses. Financial Industry Regulatory Authority records show that he is currently registered as a broker with Centaurus Financial and an investment advisor with Newport Wealth Advisors.

Mr. DePaul’s BrokerCheck report discloses one investor complaint. Filed in February 2024, it alleges that as a representative of Centaurus Financial, he recommended “unsuitable, high-risk, illiquid” corporate bond investments and breached his fiduciary duty. The pending complaint alleges damages of $100,001.

In a statement included with the complaint’s disclosure, Mr. DePaul “vehemently” denies the allegations and describes them as meritless. “The investments about which the customer complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after his review of all material documentation related to the investment,” he states. “The customer confirmed in writing that they not only received the requisite investment documentation/disclosures, but that he fully understood the characteristics and risks of the investments.”

Newport Wealth Advisors’ website includes a profile of Mr. DePaul that describes him as the firm’s founder. “After beginning his career working for the largest financial planning organization in the United States, Mike became a top producer as well as a top trainer of financial advisors,” it describes. “He soon realized that the big firms don’t always have their clients’ best interest in mind and simply couldn’t continue down that path. He helped found Newport Wealth Advisors with the belief that there are smarter, more efficient ways to reach your financial goals that don’t include peddling one company’s products.”

According to the Financial Industry Regulatory Authority, Mike DePaul holds 21 years of securities industry experience. Based in Newport Beach, California, he has been a broker with Centaurus Financial since 2011 and an investment advisor with Newport Wealth Advisors since 2018. His past registrations include Newport Wealth Advisors (2010-2017), Capital Growth Resources (2007-2011), Olmsted Advisors (2007-2009), Ameriprise Financial Services (2003-2007), and IDS Life Insurance Company (2002-2006). His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Arizona, California, and Texas. (Information current as of March 24, 2024.)

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