Michael Graham, LPL Financial Complaints – Allegations of OBAs and Selling Away
The White Law Group is investigating complaints involving broker Michael Graham. The former LPL Financial broker has reportedly picked up eight new customer complaints since January 2026 alone, all alleging the same thing — misrepresented real estate loan notes. If you invested with Graham while he was registered with LPL Financial, here is what’s on his record and what your options may be. Investors who believe they have a claim can also learn more about the process at The White Law Group’s FINRA arbitration attorney page.
Who Is Michael Graham?
Michael Clifford Graham (CRD #3263494) has worked in the securities industry for roughly 25 years, all of it out of El Paso, Texas. He was registered with Securian Financial Services from 1999 to 2012, then with Principal Securities from 2012 to 2019, and most recently with LPL Financial from 2019 until his discharge in 2025. He is not currently registered as a broker or investment adviser.
LPL Financial Discharged Graham Over Undisclosed Outside Business Activity
On June 6, 2025, LPL Financial reportedly discharged Graham. According to his BrokerCheck record, the firm’s stated reason was that he failed to disclose and receive prior approval for participation in a prohibited outside business activity, and that he allegedly participated in and directed clients to private investments. That kind of conduct is often referred to as “selling away,” and it is a common thread running through the complaints described below.
Michael Graham Complaints: Eight Pending Disputes Over Real Estate Loan Notes
Since January 2026, eight customers have reportedly filed pending complaints against Graham, all alleging he misrepresented the guaranteed principal and returns on secured loans tied to real estate deals. Two of the complaints specify the underlying transaction dates to February 2023. The pending complaints are:
- 5/8/2026 — $40,000 requested
- 5/6/2026 — $90,000 requested
- 2/23/2026 — $150,000 requested (real estate deal alleged to date to February 2023)
- 2/23/2026 — $90,000 requested
- 2/23/2026 — $54,500 requested
- 2/20/2026 — $200,000 requested
- 2/18/2026 — $145,000 requested (real estate deal alleged to date to February 2023)
- 1/27/2026 — $70,000 requested
Combined, these eight pending complaints seek nearly $840,000 in damages. None has been resolved, and the allegations remain unproven.
Earlier Settled Complaints, Including a 150% Return Loan Note
Three earlier complaints against Graham have already settled. On November 19, 2025, a customer alleged that starting around October 1, 2022, Graham fraudulently offered a short-term loan note promising a 150% return; that claim sought $375,000 and settled for $115,000. On June 16, 2025, a customer alleging the same real estate loan misrepresentation pattern sought $300,000 and settled for $165,000. And on January 15, 2025, a customer alleged Graham recommended an unsuitable 2023 investment and engaged in securities transactions away from the firm; that claim sought $276,200 and settled for $175,000. Firms typically settle disputes without admitting wrongdoing, so a settlement is not a finding that the allegations were true.
Tax Liens on Graham’s Disclosure Record
Graham’s BrokerCheck record also lists four tax liens filed in July 2023, covering tax years 2009 through 2018, that together total roughly $650,000. Tax liens are matters of public record, not allegations of investment misconduct, but they add context to a disclosure history investors may want to review before deciding how to proceed.
Have You Invested With Michael Graham?
The White Law Group is investigating potential claims on behalf of investors who may have been affected by Michael Graham’s alleged conduct. The White Law Group is a national securities fraud law firm with offices in Chicago and Seattle. If you invested with Graham and believe you suffered losses, contact The White Law Group at (888) 637-5510 or visit the firm’s contact page to discuss your options. You can also learn more about the arbitration process at The White Law Group’s FINRA arbitration attorney page.
