Former Columbia Capital Securities Broker William Nicholas Pugh Suspended by FINRA for Alleged Private Securities Transactions Involving $8 Million

• September 18, 2026
• Columbia Capital Securities

William Nicholas Pugh (CRD#: 4855771) was previously registered as a broker with Columbia Capital Securities, Inc. in Los Angeles, California. According to his FINRA BrokerCheck report, FINRA has suspended Pugh from acting as a broker.

Broker’s History

Pugh entered the securities industry in 2004 and has been registered with three firms: Charles Schwab & Co., Inc. (2004–2011), Northern Trust Securities, Inc. (2011–2014) and Columbia Capital Securities, Inc. (2021–2024). BrokerCheck reports that he is currently registered as an investment adviser. For more information, see his SEC Investment Adviser Public Disclosure report.

Allegations of Misconduct

According to publicly available records released by FINRA, in August 2026, 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 solicited them by scheduling and attending meetings, handling follow-up communications, and facilitating their purchase of the notes and the transfer of funds. The offering raised at least $8,000,000 from 18 accredited investors, nearly all of whom were customers of Pugh’s firm. Pugh did not earn any commissions in connection with the offering.

According to the AWC, Columbia Capital Securities filed a Form U5 on September 15, 2024, stating that it had permitted Pugh to resign while under investigation for participating in selling securities away from the firm without notice to or approval from the firm.

As a result, Pugh consented to the following sanctions:

• a 10-month suspension from associating with any FINRA member in all capacities (August 11, 2026 through June 10, 2027); and
• a $10,000 fine.

For a copy of the Disciplinary Action Details, click here. For a copy of William Pugh’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

Pursuant to FINRA Rule 3270, outside business activities in which financial advisors become involved must be disclosed. FINRA Rule 3280 prohibits financial advisors from engaging in private securities transactions, which are securities transactions that take place away from the employing brokerage firm. The purpose of these rules is to ensure that financial advisors do not engage in selling away. A financial advisor’s own investment in, or ownership interest in, an outside offering can create a conflict of interest with the customers he solicits. It is not necessary that the advisor earn a commission for the activity to violate these rules.

Investments sold outside of a firm’s approval process have not been vetted through the firm’s due diligence. They are often alternative investments that can be illiquid and difficult to value. Brokerage firms also have an obligation to reasonably supervise their advisors, and a failure to supervise may give rise to liability for the firm. To the extent an advisor breached his duties to a customer, the customer may be entitled to recover investment losses through FINRA arbitration.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies, and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 855.453.8615 or by email at mwolper@wolperlawfirm.com