Jervis B. Hough—Failure to Ensure Adequate Due Diligence
Jervis B. Hough Allegedly Failed to Ensure that First American Securities Conducted Adequate Due Diligence with Regards to a Corporate Offering
Jervis B. Hough allegedly failed to ensure that First American Securities conducted adequate due diligence with regards to a corporate private placement offering, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by Peiffer Rosca Wolf attorneys Alan Rosca and James Booker.
Hough also allegedly failed to document the aforementioned due diligence he conducted, and also purportedly failed to enforce First American’s Written Supervisory Procedures (WSP’s) relating thereto, said Complaint reports.
The Peiffer Rosca Wolf securities lawyers are currently investigating Jervis B. Hough’s alleged failure to ensure that First American Securities conducted adequate due diligence.
Jervis B. Hough Suspended and Fined $5,000 by FINRA; First American Securities Allegedly Entered into a Placement Agreement for the Sale of Securities Offered in a Private Placement Named PGC
Jervis B. Hough’s failure to conduct due diligence for First American involved a placement agreement for the sale of securities offered in a private placement by a corporation called “PGC”, according to the aforementioned AWC currently under review by attorneys Alan Rosca and James Booker.
PGC was allegedly a new company with no prior operations whose business plan was to lend money to third-party entities that would purchase, rehab, and resell distressed real estate in Michigan, and raised $3.25 million, the AWC also notes.
As a result of the aforementioned behavior, Jervis B. Hough allegedly violated NASD and FINRA Rules, and hence, has been suspended and fined $5,000 by FINRA, the AWC reports. One should also note that, according to the AWC, Jervis B. Hough neither admitted nor denied the FINRA findings.
Securities Lawyers Investigating
The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged failure to conduct due diligence and are currently investigating Jervis B. Hough’s failure to conduct due diligence. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of Jervis B. Hough’s failure to conduct due diligence may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520.