FINRA alleged that it initiated an investigation into Hugo Hernandez of El Paso, Texas, regarding allegations that he “failed to return investment funds, engaged in undisclosed private securities transactions and outside business activities, or borrowed money from customers in violation of FINRA rules”.  He previously worked with MML Investor Services.  Generally, under FINRA Rules 3270 and 3280, brokers must disclose all business activities that they are involved in, and they must disclose all securities that they are selling.

In response, Hernandez refused to appear for an on-the-record interview, which led to him being barred from the securities industry.

Hugo Hernandez Industry History

Hugo Hernandez was affiliated with MML Investors Services from May 2017 to July 2024.  He was also previously licensed with NYLife Securities.  He worked in an El Paso, Texas office.  In addition, Hernandez also was licensed to sell insurance through Mass Mutual Life Insurance, an affiliate of MML Investors Services.

Potential Responsibility MML Investors Services

Pursuant to FINRA Rule 3110, broker-dealers like MML Investor Services must reasonably supervise the activities of their representatives.  If a firm does not adequately supervise Hernandez, it could be liable for any investor harm.

Israels & Neuman represents investors throughout the country including Texas, who have been victims of broker misconduct, unsuitable investment recommendations, and fraud.  If you were a client of Hugo Hernandez and believe he acted improperly, you may be entitled to recover losses through FINRA arbitration.

• View Hugo Hernandez FINRA AWC
• View his BrokerCheck Report

Contact Us for a Free Case Evaluation

All of our FINRA Arbitration cases are taken on a contingency basis, meaning no recovery, no fees and no up-front costs.

Call us today at (720) 599-3505 or (206) 795-5798

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.

• View Graham’s BrokerCheck Report

Contact Us for a Free Case Evaluation

We always offer Free Consultations. If we take your case, we do so on a contingency fee basis—which means there are no attorney fees unless we recover money for you!

Call us today at (720) 599-3505 or (206) 795-5798 or fill out our contact form to talk directly to an attorney