Last Updated: October 2024 (Clermont, FL)
National securities fraud lawyers at Patil Law P.C. are investigating current D.H. Hill Securities broker Robert Dechick (CRD #4152582) regarding multiple customer complaints alleging unsuitable investment recommendations and misrepresentation of investment products.
The investigation follows a concerning pattern of customer disputes and regulatory issues, including a significant number of recent settlements and a regulatory action by the Florida Office of Financial Regulation.
Critical Insights About Clermont Financial Advisor Robert Dechick
- Advisor Name: Robert M. Dechick
- CRD: 4152582
- Location: Clermont, FL
- Current Employer: D.H. Hill Securities, LLLP
- Classification: Registered Representative & Investment Adviser Representative
- Primary Location: 1635 E. Hwy 50 Suite 200-A, Clermont, FL 34711
- Can Robert Dechick be sued in FINRA arbitration: Yes
- Customer Disputes: One pending, five settled, one denied
- Regulatory Actions: One final state regulatory action
- Current Registrations: Licensed in 4 states
- Years of Experience: Since 2000
- Previous Employers: Broker Dealer Financial Services (2008-2009)
- Professional Qualifications: Series 7, 6, 66 licenses
- Outside Business Activities: Multiple D.H. Hill affiliates, Deferred Sales Trust activities
- Regulatory History: Florida OFR action regarding REIT disclosures
- Total Settlement Amounts: Over $248,000 in recent settlements
Details of Recent Disputes
Recent customer complaints include:
- October 2024: Pending FINRA arbitration alleging unsuitable recommendations and misrepresentation of debt asset-backed securities ($25,000 claimed)
- July 2023: Settled for $190,000 regarding unsuitable recommendations and overconcentration in illiquid investments
- July 2023: Settled for $10,000 regarding unsuitable REIT recommendations
- November 2023: Settled for $21,000 regarding misrepresentation and negligence
Analysis of Alleged Misconduct
The pattern of complaints reveals several concerning practices:
- Unsuitable investment recommendations
- Overconcentration in illiquid investments
- Misrepresentation of investment risks
- Inadequate disclosure practices
- Focus on complex alternative investments
- Potential failure to conduct proper due diligence
Regulatory Framework and Investor Protection
SEC Regulation Best Interest
Reg BI requires Mr. Dechick to:
- Make suitable recommendations
- Provide complete disclosure of risks
- Consider client-specific factors
- Evaluate investment costs
- Monitor concentration levels
FINRA Rules and Their Significance
FINRA Rule 2111 mandates:
- Reasonable basis suitability
- Customer-specific suitability
- Quantitative suitability
- Documentation of recommendations
FINRA Rule 2310 requires:
- Thorough due diligence on investments
- Fair and balanced risk disclosure
- Appropriate concentration limits
- Reasonable fee structure
Professional Background
Notable aspects of Mr. Dechick’s career include:
- 2016 Florida OFR action regarding REIT disclosure violations
- Multiple business activities requiring significant time commitment
- Pattern of customer disputes and settlements
- Focus on alternative investments and real estate securities
Red Flags for Investors
- Multiple recent customer disputes
- Significant settlement amounts
- State regulatory action history
- Pattern of unsuitable recommendation allegations
- Multiple outside business activities
- Focus on complex, illiquid investments
- History of disclosure violations
Implications for Current and Former Clients
Current and former clients should:
- Review all investment holdings
- Evaluate portfolio concentration
- Assess risk tolerance alignment
- Document all communications
- Review disclosure documents
- Calculate investment losses
- Consider independent portfolio review
- Understand their rights regarding unsuitable investments
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by Mr. Dechick or have concerns about unsuitable investments in your portfolio, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
