March, 2025 | Based in Clermont, FL
Don’t wait to explore your legal options if you’ve suffered losses while working with broker Robert Michael Dechick. Call 800-950-6553 or complete our online form to schedule your no-obligation case evaluation and learn if you might be eligible to recover your investment losses.
Critical Facts About Robert Michael Dechick
- Full Name: Robert Michael Dechick
- CRD Number: 4152582
- Current Location: Clermont, FL
- Current Employers: D.H. Hill Advisors, Inc. (investment adviser representative) and D.H. Hill Securities, LLLP (registered representative)
- Office Address: 1635 E. Hwy 50, Suite 200-A, Clermont, FL 34711
- Registration Status: Currently registered with 1 Self-Regulatory Organization and licensed in 4 U.S. states and territories
- State Licenses: California, Florida, Georgia, North Carolina
- Experience: In the securities industry since 2000 (over 24 years)
- FINRA BrokerCheck: One regulatory event and eight customer disputes
- Previous Employers: Broker Dealer Financial Services Corp., Southern Farm Bureau Fund Distributor, Inc.
- Ability to Recover Losses: Investors who suffered losses may be eligible for FINRA arbitration to recover damages
A Pattern of Customer Complaints and Settlements
Robert Michael Dechick’s FINRA BrokerCheck report reveals a concerning pattern of customer complaints and regulatory issues that should alarm investors. Most notably, his record shows one regulatory event and eight customer disputes, with seven resulting in monetary settlements totaling approximately $278,000, with Dechick personally contributing about $222,400 to these settlements.
The pattern of allegations is particularly troubling. Multiple customers have claimed unsuitable investment recommendations, misrepresentations, negligence, and breaches of fiduciary duty. The complaints frequently involve similar investment products, including debt-asset backed securities and real estate investments (REITs), suggesting a potential pattern of problematic sales practices.
Recent settlements in 2023 and 2024 indicate ongoing issues and raise serious questions about Dechick’s investment practices and disclosures to clients. One particularly notable case involved claims of unsuitable recommendations and overconcentration in non-liquid investments, resulting in a settlement of $190,000, with Dechick personally contributing $152,000 to resolve the matter.
The Florida Office of Financial Regulation Action
Beyond customer complaints, Dechick was also the subject of regulatory action by the Florida Office of Financial Regulation. In January 2016, the regulator entered a Final Order adopting a Stipulation and Consent Agreement regarding violations of securities rules related to disclosure requirements.
Specifically, the regulator found that Dechick violated National Association of Securities Dealers (NASD) Rule 2340(c)(1)(A), (B)(3), and (5), which requires specific disclosures on customer account statements. The investigation determined that Dechick provided consolidated statements to customers without the required disclosures for their real estate investment trust (REIT) investments.
As a result of these violations, Dechick was ordered to cease and desist from all present and future violations of Chapter 517, Florida Statutes, and its administrative rules. He also paid an administrative fine of $5,000. While Dechick claimed this was merely an “administrative oversight,” the regulatory action demonstrates a failure to comply with basic disclosure requirements designed to protect investors.
Complex Investment Products and Associated Risks
Many of the complaints against Dechick involve complex investment products including:
Real Estate Investment Trusts (REITs)
REITs are investment vehicles that own, operate, or finance income-generating real estate across various property sectors. While they can provide income through dividends, they come with significant risks and limitations:
- Limited Liquidity: Many non-traded REITs have lock-up periods during which investors cannot sell their shares, sometimes lasting 7-10 years. Even afterward, there may be limited secondary markets for these investments.
- High Fees: Non-traded REITs often carry substantial upfront fees, sometimes as high as 15% of the investment amount, which immediately reduces the value of the investment.
- Valuation Challenges: Without being traded on public exchanges, it can be difficult to determine the actual value of the investment until a liquidation event occurs.
- Complex Structures: REITs often involve complicated ownership structures and tax implications that may be difficult for average investors to understand.
Debt-Asset Backed Securities
Several complaints against Dechick specifically mention debt-asset backed securities, which are financial instruments secured by underlying loans or assets. These investments come with their own set of risks:
- Credit Risk: If the underlying borrowers default on their loans, investors may lose principal.
- Interest Rate Risk: Changes in interest rates can significantly impact the value of these securities.
- Complexity: These products often involve complex payment structures that may be difficult for retail investors to fully understand.
- Prepayment Risk: If borrowers pay off their loans early, investors may receive principal back sooner than expected and have to reinvest at lower rates.
Potential Red Flags in Dechick’s Business Practices
Based on the regulatory action and multiple customer complaints, several concerning patterns emerge regarding Dechick’s business practices:
1. Multiple Outside Business Activities
Dechick’s BrokerCheck report shows he is engaged in multiple outside business activities, including:
- H. Hill Advisors, Inc. – Investment advisory services
- H. Hill Insurance Services, Inc. – Insurance products
- H. Hill Securities, LLLP – Securities business
- Deferred Sales Trust – Investment services to trusts
- J&B Acquisitions Group, LLC – Rental property
- Courtland Walker Financial Group (DBA) – Insurance, advisory, securities business
This complex web of business relationships creates potential conflicts of interest and may make it difficult for clients to understand which entity they’re dealing with and what standards of care apply to different recommendations.
2. Concentrated Recommendations
Multiple customer complaints allege that Dechick recommended unsuitable investments and/or overconcentrated clients in illiquid investments. While diversification is a fundamental principle of sound investing, these allegations suggest Dechick may have concentrated clients’ portfolios in high-risk, illiquid products, potentially to generate higher commissions or fees.
3. Disclosure Issues
The regulatory action by the Florida Office of Financial Regulation highlights issues with proper disclosures regarding REITs. This is particularly concerning because adequate disclosure is essential when recommending complex investment products to retail investors.
4. Consistent Pattern of Similar Complaints
The similarity of allegations across multiple complaints over several years suggests potential systemic issues in Dechick’s sales practices rather than isolated incidents. The frequency of settlements also indicates that firms employing Dechick may have recognized merit in these claims, despite public denials of wrongdoing.
Legal and Regulatory Framework
Financial advisors like Robert Michael Dechick are subject to various regulations designed to protect investors. Understanding these rules can help investors recognize potential violations:
FINRA Rules
- Rule 2010: Requires brokers to observe high standards of commercial honor and just and equitable principles of trade.
- Rule 2111: The suitability rule, requiring recommendations to be consistent with customers’ investment profiles.
- Rule 2340: Mandates specific disclosures on customer account statements (the rule Dechick was found to have violated).
- Rule 3110: Requires broker-dealers to establish and maintain a supervisory system to achieve compliance with securities laws.
Federal Securities Laws
- Securities Act of 1933: Requires full disclosure of material information about securities being offered for public sale.
- Securities Exchange Act of 1934: Governs securities transactions and prohibits deceptive practices.
- Investment Advisers Act of 1940: Imposes fiduciary duties on investment advisers.
State Securities Laws
- Florida Securities Act (Chapter 517): Governs securities transactions in Florida and prohibits fraudulent, deceptive, or manipulative practices.
Common Types of Broker Misconduct
Based on the complaints against Dechick, investors should be aware of these common forms of broker misconduct:
1. Unsuitable Recommendations
Financial advisors must recommend only those investments that align with a client’s investment objectives, risk tolerance, financial situation, tax status, and other needs. A recommendation might be unsuitable if:
- It’s too risky for the client’s tolerance level
- It’s illiquid when the client needs access to funds
- It concentrates too much of the client’s portfolio in one sector or type of investment
- It’s inconsistent with the client’s stated investment objectives
2. Misrepresentation and Omission
Advisors must provide full and accurate disclosure of all material facts related to an investment, including:
- The risks associated with the investment
- The costs and fees involved
- How the advisor is compensated
- Potential conflicts of interest
- Reasonable basis for any claims about performance
3. Breach of Fiduciary Duty
Investment advisers registered under the Investment Advisers Act of 1940 owe a fiduciary duty to their clients, which includes:
- Duty of loyalty (putting clients’ interests first)
- Duty of care (providing suitable advice after reasonable investigation)
- Duty to disclose material facts, including conflicts of interest
4. Negligent Supervision
Brokerage firms have a duty to supervise their representatives to ensure compliance with securities laws and regulations. Failure to properly supervise can lead to firm liability for a representative’s misconduct.
Warning Signs for Investors
If you’re currently working with Robert Michael Dechick or any financial advisor, be alert to these potential warning signs:
- Recommendations of complex products without clear explanations of how they work, their risks, and their fees.
- Pressure to invest quickly or claims of limited availability for certain investments.
- Excessive focus on illiquid investments without adequate discussion of how they fit into your overall financial plan.
- Resistance to providing written information about recommended investments.
- Account statements that lack required disclosures or are difficult to understand.
- Unexpected losses that seem inconsistent with your understanding of the investment’s risk profile.
- Multiple business cards or titles that make it unclear which entity the advisor is representing when making recommendations.
- Promises of guaranteed returns or minimization of investment risks.
Steps for Affected Investors
If you’ve invested with Robert Michael Dechick and are concerned about your investments, consider taking these steps:
1. Review Your Investment Documents
- Gather all account statements, confirmations, and disclosures
- Look for any inconsistencies or missing information
- Compare the performance of your investments with what was promised or projected
2. Request Account Information
- Ask for a complete transaction history
- Request documentation of all fees and commissions paid
- Obtain copies of any investment recommendations and the basis for those recommendations
3. Document Communications
- Keep notes of all conversations with your advisor
- Save all emails, texts, and written communications
- Note any statements that seem inconsistent with your investment experience
4. Understand the Statute of Limitations
- Be aware that FINRA arbitration claims generally must be filed within six years of the event giving rise to the claim
- Some state laws may impose shorter time limits
- Delaying action could jeopardize your ability to recover losses
5. Consult with a Securities Attorney
- Speak with an attorney who specializes in securities arbitration
- Have your investment documents and account information reviewed
- Determine if you have a viable claim for recovery
How Our Investment Fraud Attorneys Can Help
Our law firm specializes in representing investors who have suffered losses due to financial advisor misconduct. We offer:
Comprehensive Case Evaluation
Our experienced securities attorneys will thoroughly review your investment history with Robert Michael Dechick or D.H. Hill Securities to identify potential violations of securities laws and regulations. We’ll analyze your account statements, investment recommendations, and communications to build a strong case.
Expert Analysis
Our team works with financial experts who can:
- Perform forensic analysis of your accounts
- Calculate damages resulting from unsuitable recommendations
- Identify excessive trading or inappropriate investment strategies
- Evaluate conflicts of interest that may have influenced recommendations
FINRA Arbitration Representation
Most investment disputes are resolved through FINRA arbitration rather than court litigation. Our attorneys have extensive experience representing clients through this process, including:
- Filing a properly structured Statement of Claim
- Navigating discovery procedures
- Selecting favorable arbitrators
- Presenting compelling evidence and testimony at the hearing
Contingency Fee Arrangement
We represent most clients on a contingency fee basis, meaning you pay legal fees only if we recover money for you. This alignment of interests ensures we’re motivated to obtain the best possible outcome in your case.
Negotiation Skills
Many cases are resolved through settlement before reaching an arbitration hearing. Our attorneys are skilled negotiators who can engage with the opposing side to seek fair compensation for your losses while avoiding the uncertainty of a final arbitration decision.
Looking at the pattern of complaints against Robert Michael Dechick, it’s clear that multiple investors have raised serious concerns about his investment recommendations and disclosures. If you’ve experienced losses or have concerns about investments recommended by Dechick, don’t hesitate to explore your legal options.
Investment recovery cases are time-sensitive due to statutes of limitations. Your opportunity to recover losses may be limited, so taking prompt action is essential to protect your rights and financial future. Reach out today— Call 800-950-6553 or complete our online form to schedule your confidential, no-obligation consultation with our experienced investment fraud attorneys.
