David Miller (CRD#: 4648882), a registered representative with PeachCap Securities, is currently involved in a $1.2 million dispute after a client, who filed the dispute on August 8, 2019, complained about investment performance, according to his BrokerCheck report accessed on October 2, 2019. The investments in question are Direct Participation Programs (DPPs) and limited partnerships (LPs). DPPs are non-traded pooled investments in real estate or energy. DPPs allow investors to access a venture’s cash flow and tax benefits. This allows average investors to access investments normally reserved for wealthy investors. Most DPPs, however, are Real Estate Investment Trusts (REITs); REITs are illiquid and thus are not suitable for all investors. A limited partnership is established when two or more individuals partner to conduct a business venture. Limited partners are partial owners of a company; they can only be held liable up to the amount that they invested.
This $1.2 million dispute over Direct Participation Programs and limited partnerships is not the only disclosure on David Miller’s BrokerCheck record. On June 18, 2019, a customer complained about the performance of his DPPs and LPs, requesting $150,000 in damages. The matter was settled for $50,000. On April 5, 2019, a client filed a complaint regarding the performance of their DPPs. They requested $315,000 in damages; the matter was settled for the same sum. On December 17, 2018, a customer filed a complaint regarding the performance of DPPs and LP interests. The dispute was settled for $100,000.