Daniel Edward Pugel of Seattle, Washington, an advisor formerly registered with Financial Advocates Investment Management, was terminated on March 20, 2017, based upon allegations that he violated Financial Industry Regulatory Authority (FINRA) suitability standards in the course of effecting structured notes products for customers.
FINRA Public Disclosure reveals that Pugel is the subject of three more customer initiated investment related disputes pertaining to accusations of his wrongdoing during the time that he was associated with Morgan Stanley and LPL Financial, LLC. In particular, on November 20, 2002, a customer filed an investment related written complaint involving Pugel’s conduct, alleging suitability of over-the-counter equity and mutual fund transactions effected in the customer’s account.
Subsequently, a customer was awarded $95,953.20 in damages according to an investment related arbitration claim, where Pugel was found to have breached his fiduciary obligations to the customer, effected mutual fund transactions that were not suitable for the customer, and committed fraud. National Association of Securities Dealers (NASD) Arbitration No. 04-02375 (May 13, 2005).
Thereafter, a customer initiated investment related arbitration claim regarding Pugel’s activities was resolved for $125,000.00 in damages supported by accusations of breach of fiduciary duty and unsuitable structured notes products having been effected in the customer’s investment portfolio. FINRA Arbitration No. 16-02824 (Jan. 24, 2017). The customer additionally alleged that LPL Financial, LLC failed to supervise Pugel’s activities.
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