Mike Frost: $899K Complaint Against Ex-LPL Advisor

Colorado Springs, Colorado financial advisor Mike Frost (CRD# 2000358) allegedly misrepresented investments, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker with Cetera Advisors, doing business as Frost Financial Group.

Mr. Frost’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in May 2026, alleges that as a representative of National Planning Corporation and LPL Financial, he misrepresented material facts relating to a variable life insurance investment. The pending complaint alleges damages of $899,060.45.

An earlier investor complaint, filed in 2007, alleged that as a representative of Walnut Street Securities, he “acted dishonestly and deceitfully” in connection with a variable annuity product. The complaint reached a settlement of $19,825.42.

For reference, FINRA rules and standards forbid brokers from providing misleading information regarding investments, an act generally referred to as “misrepresentation.” One of the most pertinent rules regarding misrepresentation is FINRA Rule 2020, which stipulates that no representative of a FINRA member firm may “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” Brokers who misrepresent material facts regarding investments may lead their clients to purchase products that are unsuitable for them, in violation of FINRA Rule 2111. That rule stipulates that brokers may only recommend investments and strategies that are appropriate for a client’s background and objectives, based on reasonable diligence into the investor’s profile. Representatives who misrepresent and/or recommend unsuitable investments may be held liable for damages in the event of losses; they may even be subject to disciplinary action by FINRA, the Securities and Exchange Commission, or state securities authorities.

According to the Financial Industry Regulatory Authority, Mike Frost holds 35 years of securities industry experience. Based in Colorado Springs, Colorado, he has been registered as a broker with Cetera Advisors since 2025, doing business as Frost Financial Group. His registration history includes LPL Financial, National Planning Corporation, Mutual Service Corporation, Walnut Street Securities, Lincoln Financial Advisors Corporation, Royal Alliance Associates, and NYLife Securities. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; and the Investment Company Products/Variable Contracts Representative Examination, or Series 6. He holds 29 state licenses. (Information current as of July 5, 2026.)

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