Can I recover losses from investments with former NPB Financial Group, LLC broker Neal Nakagiri (CRD# 722534) due to REIT losses? He was registered with NPB Financial Group, LLC in Burbank, California from 2006 to 2022.
Neal Nakagiri Customer Complaints
He has been the subject of six customer complaints between 1997 and 2021, according to his CRD report. The most recent complaints are regarding:
November 2021. “Due Diligence failures, Breach of fiduciary duty, breach of expressed/implied contract and breach of duty of good faith and fair dealing, negligence, and failure to supervise.” The customer sought $100,000 in damages and the case was settled for $20,000. The complaint was regarding non-traded real estate investment trusts (REITs).
October 2021. “Alleged due diligence failures, violation of 10(b) and 10(b)5 securities exchange act of 1934, breach of fiduciary duty, breach of expressed implied contract, breach of good faith and fair dealing, negligent misrepresentation, gross negligence, failure to supervise, violations of CA corporate securities law of 1968, and, control person liability.” The customer is seeking $422,739 in damages and the case is currently pending. The complaint was regarding alternative investment losses.
May 2021. “Breach of Fiduciary Duty, Breach of Written Contract and of the Implied Covenant of Good Faith and Fair Dealing, Unauthorized Trading and/or Exercise of Discretion Without Written Authorization, Failure to Supervise and Control, Elder Financial Abuse, Violation of State and Federal Securities Laws and FINRA Rules of Fair Practice and Control Person Liability.” The customer is seeking $300,000 in damages and the case is currently pending. The complaint was regarding REIT losses.
February 2021. “Control Person liability and failure to supervise.” The customer sought $400,000 in damages and the case was settled for $199,000. The complaint was regarding REIT losses.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, NPB Financial Group, LLC may be liable for investment or other losses suffered by Neal Nakagiri’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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