Michael Graham Subject Of 9 Customer Disputes Totaling $864K

Michael Graham (Michael Clifford Graham CRD# 3263494) was a broker and investment advisor last employed with LPL Financial (CRD# 6413) of El Paso, TX. He was previously employed with Principal Securities, Inc. (CRD# 1137) and Securian Financial Services, Inc. (CRD# 15296), also of El Paso.

LPL Financial Services discharged Graham on 06/06/2025 alleging, “Failed to disclose and receive prior approval for participation in a prohibited outside business activity; participated in and directed clients to private investments.”

Shortly thereafter, on 6/16/2025, a customer dispute filed against Graham alleged, “Client alleges the advisor misrepresented guaranteed principal and returns on a secured loan related to a real estate deal.” The customer requested damages of $300,000, and the claim was settled for $165,000.

Online obituaries indicate that Graham passed away in November of 2025 after a diagnosis of head and neck cancer 18 months prior. Following his death, more clients filed additional customer disputes:

11/19/2025: customer allegations of, “10/01/2022 – Present Advisor fraudulently offered a short term loan note with 150% return.” This customer requested damages of $375,000, and the claim was settled for $115,000.

The following claims are all currently pending, with nearly identical allegations of “misrepresenting guaranteed principal and returns on a secured loan related to a real estate deal.”

11/27/2025: This customer requests damages of $70,000.
2/18/2026: This customer requests damages of $145,000.
2/20/2026: This customer requests damages of $200,000.
2/23/2026: This customer requests damages of $54,500.
2/23/2026: this customer requests damages of $90,000.
2/23/2026: This customer requests damages of $150,000.
5/06/2026: The customer requests damages of $90,000.
5/08/2026: The customer requests damages of $40,000.
7/22/2026: This customer requests damages of $25,000.

The combined total of these claims is $864,500.

What Happens To Losses When A Broker Dies?

A broker’s death does not mean that investors have no recourse for losses from misconduct. The death does not eliminate the broker-dealer’s liability for oversight.

Under FINRA Rule 3110, broker-dealers have a legal obligation to monitor and supervise their registered representatives. In many cases, an investor can file a FINRA arbitration claim to recover at least some of their lost investment from the broker-dealer.

If the broker was an independent agent and not backed by a major broker-dealer, or if the broker-dealer shared that liability for misrepresentation or other misconduct, recovery may also require a civil lawsuit.

Additionally, an investor may be able to file a claim against the deceased broker’s estate but will have to file alongside other creditors through probate (known as succession” in some states.) If the broker has already spent the funds, the next step is to find and trace assets that can be used to pay the claims.

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Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.