According to FINRA, TPEG Securities, LLC was censured and fined $175,000 in January 2026 for three separate violations: using misleading aggregated performance metrics in communications with prospective investors, failing to properly report customer complaints to FINRA, and maintaining a supervisory system that did not reasonably address complaint reporting obligations.FINRA found that the Southlake, Texas-based firm sent numerous communications that included aggregated Internal Rates of Return (IRR) and Cash Multiple Values relating to a sponsor's prior closed investment deals. While individual deal performance can meaningfully inform investors about a sponsor's track record, aggregating those metrics into a single blended figure masks the performance of individual closed deals and is not representative of any specific investment return an investor would have received. FINRA determined that this practice violated FINRA Rule 2210(d)(1)(B), which requires that communications with the public be fair, balanced, and not misleading.FINRA also found that the firm failed to report statistical and summary information regarding written customer complaints as required under FINRA Rule 4530(d). The firm misunderstood the nature of certain grievances and its corresponding reporting obligations. Additionally, the firm failed to disclose certain customer complaints against registered representatives in required Form U4 filings, applying an overly narrow interpretation of what constitutes a reportable complaint. Complaint disclosure is a cornerstone of investor protection—it allows investors to research a broker's history through FINRA BrokerCheck and make informed decisions about who to trust with their money.Underlying both failures was a deficient supervisory system. The firm's WSPs discussed customer complaints in general terms but did not provide meaningful guidance to representatives on how to identify a reportable complaint, how to distinguish between complaints directed at the non-regulated issuer versus the broker-dealer, or the specific criteria triggering a statistical filing under Rule 4530(d) or a Form U4 disclosure. After FINRA's examination, the firm updated its WSPs to address these deficiencies.For investors, this case delivers clear lessons: aggregated return metrics in investment marketing materials should be scrutinized carefully, as they can obscure poor individual deal performance. Investors should also take full advantage of FINRA BrokerCheck, which relies on accurate complaint reporting to provide a complete picture of a broker's regulatory history. Firms that underreport complaints deprive the public of important information.