Boca Raton Stockbroker Recently Named in Two FINRA Arbitration Complaints
Willard Louis Pugh, a National Asset Management financial adviser in Florida, is currently under scrutiny in the wake of customer allegations alleging unsuitable investment recommendations. Pugh, who has been in the securities industry for 32 years, is also a National Securities broker. He was recently named in two customer disputes filed in Financial Industry Regulatory Authority (FINRA) arbitration.
The first investor claim, brought in June, seeks $300K in damages. Pugh’s BrokerCheck record doesn’t specify what type of investment is involved. The second customer case, filed in July, names the United Development Funding V real estate investment trust (UDF V REIT). The claimant is seeking $155K.
Our Florida investor lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) are speaking to customers of National Asset Management adviser, Willard Pugh, who have suffered significant losses. You may have grounds for a FINRA arbitration claim to recover damages.
Overconcentration & Unsuitability Alleged in UDF V REIT Case
In the most recent investor claim, customers contend that the UDF V REIT was not only unsuitable for them but also Pugh engaged in overconcentration and inadequate due diligence.
UDF V, from United Development Funding, is one of several UDF REITs. It was set up to generate interest income through investing in secured loans, as well as make profits from residential real estate investments. However, United Development Funding is accused of operating a billion dollar Ponzi scam.
In the other still pending customer complaint, Pugh disputes the contention of unsuitability. He argues that he had reasonable grounds for recommending the security.
Did This National Securities Broker Sell GPB Investments to Florida Customers?
Although not noted in BrokerCheck record, there are reports that Willard Pugh may have sold GPB Capital private placements to investors.
These alternative investments are under scrutiny in multiple investigations by the US Securities and Exchange Commission (SEC), FINRA, the Federal Bureau of Investigation (FBI), state regulators, and others. GPB Capital Holdings also faces allegations that it has been operating an over $1.5B Ponzi scam that enriched brokerage firms while costing thousands of investors to suffer huge losses.
Already, SSEK Law Firm is pursuing a number of GPB investment fraud claims against several broker-dealers.
REIT and Private Placement Losses
REITs and private placements are not suitable for every type of investor. They are often illiquid and high risk. This is why it is important that your broker or financial adviser only recommend these investments if they are in line with your investment goals or risk tolerance level.
Brokers have a duty to act in your best interests. When a failure to do this leads to significant losses, you may be able to file a complaint through FINRA.
During his more than three decades in the industry, Willard Pugh worked at 12 firms besides National Securities including Cambridge Investment Research, Mutual Service Corp., Signator Investors, John Hancock Mutual Life Insurance, First Florida Securities Group, Asset Planning Corporation, and others.
SSEK Law Firm represents investors throughout Florida. If you experienced losses while working with National Asset Management financial adviser Willard Pugh, call our Tampa office at 813-560-2992 today.