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Michael Graham Fired by LPL Financial in El Paso, Texas
Why Did LPL Financial Fire Michael Graham?
Michael Graham, who was a former representative with LPL Financial and worked in an El Paso, Texas office, was fired by LPL Financial in June of 2025. According to FINRA, Michael Graham was terminated by LPL Financial, which alleged that he “Failed to disclose and receive prior approval for participation in a prohibited outside business activity; participated in and directed clients to private investments”. Under FINRA Rules 3270 and 3280, financial advisors are supposed to disclose to their brokerage firms all investments that are sold by the advisor. FINRA requires the advisors to do this in an effort to prevent theft or selling products that are not vetted or researched.
LPL Financial is also facing two current customer complaints made regarding Graham’s conduct. One complaint alleges that he “misrepresented guaranteed principal and returns on a secured loan related to a real estate deal”. Another complaint alleges that he sold investments “away from the firm”, meaning that Graham did not have permission to sell such investments.
Background on Michael Graham
Michael Graham was licensed with LPL Financial from April 2019 to June 2025. He was also previously registered with Principal Securities and Securian Financial. A 2023 BrokerCheck disclosure reveals that Graham had four tax liens against him, totaling over $600,000. A customer also made a complaint against Graham in 2005 that resulted in a $10,000 settlement.
Is LPL Financial Responsible for Graham’s Conduct?
Under securities industry standards, firms like LPL Financial must reasonably supervise its advisors or stockbrokers. It could be liable if it failed to reasonably supervise him, considering factors such as the numerous tax liens against him.
We Help Investors in Texas
We represent investors throughout the United States as well as Texas, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud. If you were a client of Michael Graham and believe your financial advisor acted improperly, you may be entitled to recover losses through FINRA arbitration.
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