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Neal Nakagiri: $422K Complaint Against Ex-NPB Financial Advisor
Former Burbank financial advisor Neal Nakagiri (CRD# 722534) has received multiple investor complaints alleging six-figure damages. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with NPB Financial Services, where he was president and chief executive officer.
Mr. Nakagiri’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in October 2021, alleged due diligence failures, breach of fiduciary duty, breach of implied contract, negligent misrepresentation, gross negligence, failure to supervise, and control person liability in connection with alternative investments. The pending complaint alleges damages of $422,739.
A second investor complaint, filed in May 2021, alleged breach of fiduciary duty, breach of contract, unauthorized trading, unauthorized use of discretion, elder financial abuse, and supervisory failures in connection with real estate investment trust products while he was a representative of NPB Financial Group. The pending complaint alleges damages of $300,000.
A third investor complaint, also filed in May 2021, similarly alleged unauthorized trading, elder financial abuse, breach of contract, and breach of fiduciary duty in connection with REIT investments. In May 2022 the complaint reached a settlement of $150,000.
A fourth investor complaint, filed in 2021, alleged due diligence failures, breach of fiduciary duty, negligence, and supervisory failures connected with investments in non-traded REITs while he was at NPB Financial Group. In 2022 the complaint reached a settlement of $20,000.
A fifth investor complaint, filed in 2021, alleged control person liability and supervisory failures relating to REIT investments. The complaint reached a settlement of $199,000.
According to the Financial Industry Regulatory Authority, Neal Nakagiri 40 years of securities industry experience. Most recently based in Burbank, California, he was a broker and investment advisor with NPB Financial Services from 2006 until 2022. His prior registrations include Associates Securities Corporation, Associated Planners Securities Corporation of Nevada, W&D Securities, Morgan Olmstead Kennedy & Gardner, and Jefferies & Company. His credentials include the passage of nine securities industry qualifying exams: the Financial Principal Examination, or F04; the Registered Options Principal Examination, or Series 4; the General Securities Principal Examination, or Series 24; the Municipal Securities Principal Examination, or Series 53; the Interest Rate Options Examination, or Series 5; the Limited Representative-Equity Trader Exam, or Series 55; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is currently not licensed as a broker or an investment advisor. (Information current as of September 3, 2022.)
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