March, 2025 | Based in Alpharetta, GA
Don’t wait if you’ve suffered financial losses with MICHAEL RICHARD HYSER. Take action today to protect your financial future. Call 800-950-6553 or complete our online form to schedule your no-obligation case evaluation with our skilled investment fraud attorneys.
Essential Information About MICHAEL RICHARD HYSER
- Full Name: MICHAEL RICHARD HYSER
- CRD Number: 2322261
- Current Location: Alpharetta, GA
- Current Employer: LPL FINANCIAL LLC
- Office Address: 12735 MORRIS ROAD, BUILDING 200, SUITE 325, ALPHARETTA, GA 30004
- Registration Status: Currently registered with LPL FINANCIAL LLC since 01/13/2025
- State Licenses: Licensed in 25 states including Georgia, Florida, Texas, California, and New York
- Experience: In the securities industry since 1993
- Professional Designations: Certified Financial Planner
- FINRA BrokerCheck: Two regulatory events and one customer dispute
- Previous Employers: Kestra Advisory Services, LLC (2016-2025), NFP Advisor Services, LLC (2004-2016), ING Financial Partners, Inc. (2004), Pruco Securities, LLC (1993-2004)
- Ability to Recover Losses: Recent customer arbitration settled for $170,000 in July 2024
Investigation Overview: Unsuitable Investments and Regulatory Concerns
Our securities fraud attorneys are conducting a thorough investigation into financial advisor MICHAEL RICHARD HYSER (CRD# 2322261), currently employed by LPL Financial LLC in Alpharetta, Georgia. Our investigation stems from concerning disclosures in his regulatory history, including a significant recent customer arbitration that resulted in a $170,000 settlement.
According to FINRA BrokerCheck records, HYSER has been the subject of multiple regulatory actions and a substantial customer dispute. Most recently, in July 2024, a FINRA arbitration was settled for $170,000 after clients alleged HYSER recommended unsuitable investments in direct participation programs and limited partnerships, specifically related to an oil and gas drilling operation called Atlas Growth Partners.
What makes this case particularly concerning is that despite HYSER’s defense that the investment was suitable and failed due to “unforeseen market forces caused by the global pandemic,” his firm chose to settle for a significant sum rather than contest the allegations. This settlement, which was paid entirely by the firm with no contribution from HYSER, raises serious questions about the suitability of his investment recommendations and the firm’s supervision of his activities.
Background and Professional History
MICHAEL RICHARD HYSER has been in the securities industry since 1993, when he first registered with Pruco Securities, LLC. With over three decades of experience, HYSER has worked with several major financial institutions before joining his current firm, LPL Financial LLC, in January 2025.
HYSER’s employment timeline includes:
- LPL Financial LLC (January 2025 – Present) as Managing Partner
- Kestra Advisory Services, LLC and Kestra Investment Services, LLC (2004/2016 – January 2025)
- NFP Advisor Services, LLC (2004 – 2016)
- ING Financial Partners, Inc. (March 2004 – June 2004)
- Pruco Securities, LLC (April 1993 – January 2004)
HYSER holds multiple securities licenses, including Series 7 (General Securities Representative), Series 6 (Investment Company Products/Variable Contracts Representative), Series 26 (Investment Company Products/Variable Contracts Principal), Series 63 (Uniform Securities Agent), and Series 65 (Uniform Investment Adviser Law). He is also a Certified Financial Planner (CFP).
In addition to his role at LPL Financial, HYSER operates under several business names, including John’s Creek Financial and Strategic Financial Partners, which are DBAs (doing business as) for his LPL business. He also sells non-variable insurance products as part of his practice.
Red Flags in HYSER’s Record
HYSER’s BrokerCheck report reveals several concerning issues that investors should be aware of:
1. Regulatory Actions for Failure to Disclose Information
HYSER has been the subject of two regulatory actions by state insurance departments:
- In February 2003, the Alabama Department of Insurance sanctioned HYSER for failing to disclose a 1990 misdemeanor (minor possession of alcohol) on his license renewal application. This resulted in a $250 fine.
- In October 2003, the Georgia Office of Commissioner of Insurance sanctioned HYSER for concealing material facts on his Georgia license renewal application and failing to notify the Commissioner within 60 days of the Alabama regulatory action. This resulted in a $500 fine.
While these regulatory issues involved relatively minor offenses and occurred many years ago, they demonstrate a concerning pattern of failing to provide complete and accurate information to regulators—a fundamental obligation for financial professionals.
2. Substantial Customer Arbitration Settlement
Most significantly, a recent FINRA arbitration (Case #23-01140) filed in April 2023 resulted in a $170,000 settlement in July 2024. The customers alleged that HYSER recommended unsuitable investments in Direct Investment-DPP & LP Interests. Specifically, according to HYSER’s own statement, the investment in question was Atlas Growth Partners, an oil and gas drilling operation made in 2015.
The size of this settlement—$170,000—is substantial and suggests the firm recognized significant potential liability. According to HYSER’s statement, he believed the investment was suitable because it represented less than 5% of the alternative asset allocation in the client’s diversified portfolio. However, the operation ultimately failed during the pandemic as demand for oil and gas declined dramatically.
3. Pattern of Investment Recommendations in High-Risk Alternative Investments
The customer dispute centered on investments in direct participation programs and limited partnerships—specifically in oil and gas drilling operations. These types of investments are typically considered high-risk, illiquid alternative investments that may be unsuitable for many retail investors, particularly those with conservative or moderate risk tolerances or liquidity needs.
While HYSER claimed the investment was appropriate given the client’s financial profile, the substantial settlement suggests there may have been legitimate concerns about the suitability of these recommendations.
4. Restricted Approval in Texas
Notably, HYSER currently has a “Restricted Approval” status as an Investment Adviser Representative in Texas. While the specific nature of this restriction is not detailed in the BrokerCheck report, such limitations typically indicate additional oversight requirements or limitations on certain activities, which presents another area of potential concern.
Legal and Regulatory Framework
Financial advisors like MICHAEL RICHARD HYSER are bound by various regulations designed to protect investors. The allegations in this case potentially violate several key FINRA rules:
FINRA Rule 2111: Suitability
The cornerstone of broker obligations, this rule requires that financial advisors have a reasonable basis to believe that a recommended investment or investment strategy is suitable for a customer based on that customer’s investment profile, including age, financial situation, tax status, investment objectives, and risk tolerance.
The $170,000 settlement regarding unsuitable investment recommendations suggests potential violations of this fundamental rule.
FINRA Rule 2010: Standards of Commercial Honor and Principles of Trade
This broad ethical standard requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Regulatory actions for failing to disclose information on license applications could implicate this rule.
FINRA Rule 3110: Supervision
Brokerage firms are required to establish and maintain a system to supervise the activities of their registered representatives. The substantial settlement with no personal contribution from HYSER raises questions about whether his employing firms had adequate supervisory procedures in place.
SEC Fiduciary Standards
As an investment adviser representative, HYSER is also subject to fiduciary standards, which require:
- Acting in the client’s best interest at all times
- Full disclosure of material facts and conflicts of interest
- Due diligence in investment selection
- Avoiding self-dealing and conflicts of interest
Recommending unsuitable investments would breach these fiduciary obligations, which represent the highest standard of care in the financial industry.
Guidance for Investors Who Worked with MICHAEL RICHARD HYSER
If you were or are a client of MICHAEL RICHARD HYSER and have concerns about your investments, consider taking the following steps:
1. Review Your Portfolio for High-Risk Alternative Investments
Carefully examine your account statements for investments in:
- Direct participation programs (DPPs)
- Limited partnerships (LPs)
- Oil and gas investments
- Private placements
- Non-traded Real Estate Investment Trusts (REITs)
- Other illiquid alternative investments
These types of investments often carry higher risks, limited liquidity, and significant fees that may not have been fully disclosed.
2. Analyze Investment Performance Against Benchmarks
Compare the performance of your investments to appropriate market benchmarks:
- How have your investments performed compared to relevant indices?
- Have your investments failed to meet reasonable expectations given market conditions?
- Have you experienced significant losses that seem disproportionate to market movements?
3. Document All Communications
Gather all written communications with HYSER, including:
- Account opening documents and investment policy statements
- Emails discussing investment strategy and recommendations
- Marketing materials for specific investments
- Account statements and transaction confirmations
- Risk disclosure documents for alternative investments
4. Evaluate Disclosure Adequacy
Consider whether you were fully informed about:
- The risks associated with the investments recommended
- Fees and commissions related to the investments
- Potential conflicts of interest
- Liquidity constraints of the investments
- Realistic performance expectations
5. Understand the Statute of Limitations
Be aware that there are time limitations for filing complaints or arbitration claims:
- FINRA arbitration claims generally must be filed within six years of the event giving rise to the dispute
- State securities laws may have different limitations periods
- Delays in filing can compromise your ability to recover losses
How Our Investment Fraud Attorneys Can Help
Our law firm specializes in representing investors who have suffered losses due to broker misconduct. In cases like those involving MICHAEL RICHARD HYSER, our experienced attorneys offer comprehensive services:
Detailed Case Evaluation
Our team will:
- Review your account statements and investment documentation
- Analyze the suitability of investment recommendations given your financial situation and objectives
- Identify potential regulatory violations and breaches of fiduciary duty
- Evaluate your potential for recovery through FINRA arbitration or other means
Expert Financial Analysis
Our financial experts can:
- Calculate your investment losses with precision
- Determine appropriate damages, including potential opportunity costs
- Identify inappropriate fees, commissions, or markups
- Compare your portfolio performance to appropriate benchmarks
FINRA Arbitration Representation
Most investment disputes are resolved through FINRA arbitration rather than court. Our attorneys have extensive experience in this forum and can:
- Prepare and file your Statement of Claim
- Gather and present evidence of misconduct
- Represent you throughout the arbitration process
- Negotiate potential settlements
- Present your case before FINRA arbitrators
Contingency Fee Structure
We understand that investors who have already suffered losses may be concerned about legal costs. Our firm typically operates on a contingency fee basis, meaning:
- No upfront costs to you
- We only get paid if we recover money on your behalf
- Our fee is a percentage of the recovery, aligned with your interests
Industry Knowledge and Resources
Our attorneys’ deep understanding of securities regulations and industry practices allows us to:
- Identify violations that may not be obvious to non-specialists
- Leverage our experience with similar cases to maximize your recovery potential
- Access industry experts who can testify about standard practices
- Navigate the complexities of the FINRA arbitration system
Don’t let potential investment losses go unaddressed. If you’ve invested with MICHAEL RICHARD HYSER and have concerns about unsuitable investment recommendations or other potential misconduct, take immediate action. Call 800-950-6553 or fill out our secure online form today to speak with our investment fraud attorneys about your situation. The consultation is free, and there’s no obligation unless you choose to proceed with our representation.
