According to FINRA, Maxim Tulupnikoff of Trumbull, Connecticut was fined $5,000 and suspended from association with any FINRA member in all capacities for two months for making unsuitable recommendations of illiquid, proprietary limited partnerships to a married couple.

The customers were saving for retirement when Tulupnikoff first recommended they purchase one of the limited partnerships. Ultimately, he recommended nine purchases totaling $147,946 across the customers' joint account and their Individual Retirement Accounts.

Prior to their first purchase, the customers' investment profile reflected a moderately conservative risk tolerance. Illiquid limited partnerships are generally inconsistent with moderately conservative investment objectives because they cannot be easily sold and tie up investor capital for extended periods.

The placement of these illiquid investments in IRAs is particularly concerning because IRAs are often primary retirement savings vehicles. When retirement funds are locked up in illiquid investments, they may not be available when the customer needs them for retirement income.

FINRA previously accepted an AWC from Tulupnikoff's member firm ordering restitution of $7,949.16 and $927.60 to the customers.

The suspension is in effect from June 16 through August 15, 2025.

This case is part of a series of actions related to David Lerner Associates' sales of proprietary limited partnerships.

Investors saving for retirement should carefully consider whether illiquid investments are appropriate for their retirement accounts. These accounts may need to generate income or be accessible when you retire, which illiquid investments may not permit.