Erez Law is currently investigating Columbia Capital Securities, Inc. broker William Pugh (CRD# 4855771), who is accused of selling away.
William Pugh was registered with Columbia Capital Securities, Inc. in Los Angeles, California, from 2021 to 2024, when he was terminated regarding, “participating in selling securities [away from the firm] without notice to or approval.” He was previously registered with Northern Trust Securities, Inc. in Newport Beach, California, from 2011 to 2014, and Charles Schwab & Co., Inc. in Newport Beach, California, from 2004 to 2011.
According to his BrokerCheck profile, he has been listed as a registered representative with Columbia Capital Securities, Inc. in Los Angeles, California, since 2021, and as an investment adviser representative with Vela Consulting LLC in Irvine, California, since 2019.
In August 2026, FINRA sanctioned William Pugh to a 10-month suspension and a $10,000 civil and administrative penalty and fine for alleged improper sales of $8 million in promissory notes that were issued by a private equity fund, in which Josiah Jennings was a co-founder, held an ownership interest, and was chief executive. FINRA alleges that William Pugh and Josiah Jennings raised funds through the sales of promissory notes in a private equity fund.
According to the Acceptance, Waiver and Consent (AWC), “Without admitting or denying the findings, Pugh consented to the sanctions and to the entry of findings that he participated in private securities transactions without providing prior written notice to his member firm. The findings stated that Pugh participated in a private securities offering involving the sale of promissory notes issued by a private equity fund. Pugh was a limited partner in the fund, held a three percent ownership interest in the fund’s general partner, and served as an independent contractor for the general partner. In connection with the offering, Pugh helped identify potential investors and participated in soliciting them by scheduling and attending meetings with them, handling follow-up communications, and facilitating their purchase of the notes and transfer of funds. The offering raised at least $8,000,000 from 18 accredited investors, nearly all of whom were customers at Pugh’s firm. Pugh did not earn any commissions in connection with the offering.”
William Pugh held a 3% ownership interest in the private equity fund related to the FINRA complaint and was a limited partner. He also served as an independent contractor for the fund’s general partner, helping to identify potential investors, participating in soliciting them, and facilitating purchases of the notes and transfer of funds.
FINRA alleges that between April and August 2024, William Pugh and Josiah Jennings raised approximately $8 million from 18 investors who were customers of Columbia Capital Securities, Inc.
FINRA found that neither broker received commissions from the transactions. Additionally, FINRA found that the brokers violated securities rules prohibiting private securities transactions without firm authorization.
Public records indicate that the unnamed private equity fund may be Oak Quarry Management, which was listed on the brokers’ registration records as an outside business activity.
How to Recoup Losses from Investments with William Pugh
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, Columbia Capital Securities, Inc. may be liable for investment or other losses suffered by William Pugh’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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