The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker David Harrison Miller [CRD: 4648882, Atlanta, Georgia]. Not only has FINRA sanctioned Miller for failing to cooperate during its probe of investment recommendations, but investors disputed the sales practices of the securities broker. However, Miller denies the allegations. Read on to learn more about the allegations against Miller.
FINRA Sanctions Miller For Failure To Testify
Evidently, on July 27, 2023, FINRA issued Case: Acceptance, Waiver, and Consent No. 2019063946701 sanctioning David Miller for infractions.
Notably, the regulator initiated proceedings related to an investigation into the investment recommendations made by Miller.
While Miller did not confirm or refute the allegations, he agreed to the fact that he did not comply with FINRA's request for an on-the-record testimony. This testimony was aimed at probing the appropriateness of the investment recommendations that Miller had made.
Miller has opted for the AWC resolution, indicating that he consented to the sanctions proposed without either admitting to or denying the allegations. Miller received a permanent bar, which signifies that he is banned from the securities industry. The sanctions impact all of Miller's registration capacities, implying that he won't be able to operate in any broker-related capacity in the financial industry through FINRA members.
SEC Files Action Against David Miller For Unsuitable Advice
Particularly, on December 22, 2021, SEC issued Case: Order No. 3-20689 sanctioning David Miller for infractions. SEC instigated public administrative and cease-and-desist proceedings under various sections of the Securities Act of 1933, Securities Exchange Act of 1934, Investment Advisers Act of 1940, and the Investment Company Act of 1940 against both PeachCap Tax Advisory LLC (PCTA) and Miller. This resulted in a bar and fine of $65,000.
SEC alleged violations of federal securities laws by Miller and his SEC-registered investment advisory firm, PCTA. The primary allegations include:
Between May 2016 and October 2016, Miller allegedly sold limited partnership interests in The Pessego Long Short Fund, LP (the Fund), a hedge fund established by him in April 2016, amassing over $4.6 million. Prospective investor materials described the Fund's objective as generating attractive returns while preserving capital. However, the Fund undertook risky trades contrary to its presented objectives. Supposedly, by December 2017, the Fund lost over 90% of its value. Supposedly, Miller endorsed the Fund to certain PCTA clients, some of whom it was inappropriate for.
Lack Of Compliance In Product Handling
PCTA lacked written compliance policies concerning volatility-linked exchange-traded products. This absence reportedly led to PCTA’s investment adviser representatives purchasing and maintaining a Leveraged ETF for retail clients, contrary to the product’s described intention, exposing clients to potential significant losses.
Evidently, a Peachcap Securities Inc. client filed FINRA Arbitration: 20-00329 about David Miller. Namely, the client alleged that Miller recommended investments which poorly performed. Because of this, the client allegedly sustained damages on direct investments and real estate securities. Therefore, on September 9, 2021, Peachcap Securities Inc. settled this matter by paying the client $250,000 in damages.
Miller Discloses Breach Of Fiduciary Duty By Peachcap Tax Advisory LLC Client
Particularly, a client of Peachcap Tax Advisory LLC contested David Miller’s sales practices by filing Civil Suit: 2021CV348012 on April 29, 2021. Allegedly, Miller breached a fiduciary duty. Supposedly, Miller caused the client to sustain damages. Therefore, the client seeks compensatory relief from Peachcap Tax Advisory LLC or Miller in this ongoing matter.
Also, a Peachcap Tax Advisory LLC client filed FINRA Arbitration: 20-00531 about David Miller. Namely, the client alleged that Miller recommended investments which poorly performed. Because of this, the client allegedly sustained damages on direct investments and real estate securities. Therefore, on April 29, 2021, Peachcap Tax Advisory LLC settled this matter by paying the client $455,000 in damages.
Miller Discloses Unsuitable Trading Allegations By Investacorp Inc. Client
Specifically, a client of Investacorp Inc. contested David Miller’s sales practices by filing FINRA Arbitration: 20-02206. Allegedly, Miller engaged in unsuitable trading. It appears that Miller caused the client to sustain damages on direct investments and real estate securities. Therefore, Investacorp Inc. opted to settle the matter on April 13, 2021, by compensating the client in the amount of $24,000.
David Miller worked for Peachcap Securities Inc. as a securities broker from October 2015 to December 2021.
Did Peachcap Securities Inc. Securities Broker David Miller Cause You To Experience Damages?
Have you suffered damages by investing with David Miller? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney regarding a possible recovery of your investment losses. Soreide Law Group, who has successfully recovered money for investors throughout the United States, works on a contingency fee basis and advances all costs. Miller and brokerage firms Miller worked for deny any and all allegations of sales practice violations.
