Peachcap Tax & Advisory, LLC

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
No Information Filed
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
12/22/2021
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
3-20689

5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
PEACHCAP TAX & ADVISORY, LLC; THE PESSEGO LONG SHORT FUND, LP
6.
Principal Product Type:
Other
Other Product Types: 
LIMITED PARTNERSHIP INTERESTS; HEDGE FUND; LEVERAGED EXCHANGE TRADED FUND
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
THE SECURITIES AND EXCHANGE COMMISSION ("COMMISSION") DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE
AND CEASE-AND-DESIST PROCEEDINGS BE, AND HEREBY ARE, INSTITUTED PURSUANT TO SECTION 8A OF THE SECURITIES ACT OF 1933 ("SECURITIES
ACT"), SECTION 15(B) OF THE SECURITIES EXCHANGE ACT OF 1934 ("EXCHANGE ACT"), SECTIONS 203(E), 203(F) AND 203(K) OF THE INVESTMENT
ADVISERS ACT OF 1940 ("ADVISERS ACT"), AND SECTION 9(B) OF THE INVESTMENT COMPANY ACT OF 1940 ("INVESTMENT COMPANY ACT") AGAINST
PEACHCAP TAX & ADVISORY, LLC ("PCTA") AND DAVID H. MILLER ("MILLER") (COLLECTIVELY, "RESPONDENTS"). THE COMMISSION FINDS THAT THESE
PROCEEDINGS ARISE FROM VIOLATIONS OF THE FEDERAL SECURITIES LAWS BY MILLER AND HIS SEC-REGISTERED INVESTMENT ADVISORY FIRM, PCTA.
FIRST, BETWEEN MAY 2016 AND OCTOBER 2016, MILLER OFFERED AND SOLD TO CERTAIN OF HIS ADVISORY CLIENTS AND OTHERS OVER $4.6 MILLION
IN LIMITED PARTNERSHIP INTERESTS IN THE PESSEGO LONG SHORT FUND, LP (THE "FUND"), A HEDGE FUND FORMED BY MILLER IN APRIL 2016. THE
FUND'S OFFERING DOCUMENTS AND OTHER MATERIALS PROVIDED TO PROSPECTIVE INVESTORS CLAIMED THAT THE FUND SOUGHT TO "GENERATE
ATTRACTIVE RISK-ADJUSTED RETURNS ACROSS ALL MARKET ENVIRONMENTS WHILE PRESERVING CAPITAL," AND THAT THE FUND "UTILIZE[D] A
FUNDAMENTAL LONG/SHORT EQUITY APPROACH THAT TARGETS A LOW NET EXPOSURE AS ITS PRINCIPAL INVESTMENT STRATEGY." IN REALITY,
HOWEVER, THE FUND ENGAGED IN RISKY TRADING FROM THE OUTSET THAT WAS INCONSISTENT WITH ITS STATED OBJECTIVES AND STRATEGIES.
MOREOVER, IN SOLICITING INVESTORS, MILLER RECOMMENDED THE FUND TO CERTAIN PCTA ADVISORY CLIENTS, INCLUDING SOME CLIENTS FOR
WHOM THE FUND WAS AN UNSUITABLE INVESTMENT. THE FUND, WHICH BEGAN TRADING IN MAY 2016, LOST MORE THAN 90 PERCENT OF ITS VALUE
BEFORE CLOSING IN DECEMBER 2017. SECOND, BETWEEN MAY 2017 AND JUNE 2018, PCTA ENGAGED IN 492 PRINCIPAL TRADES WITH 6 ADVISORY
CLIENTS WITHOUT PROVIDING THE REQUISITE TRANSACTION-SPECIFIC NOTICE OR OBTAINING CONSENT. PCTA ALSO DID NOT ADOPT AND IMPLEMENT
WRITTEN COMPLIANCE POLICIES AND PROCEDURES REASONABLY DESIGNED TO PREVENT VIOLATIONS OF THE FEDERAL SECURITIES LAWS IN
CONNECTION WITH THESE PRINCIPAL TRADES. FINALLY, PCTA DID NOT ADOPT WRITTEN COMPLIANCE POLICIES AND PROCEDURES REGARDING
VOLATILITY-LINKED EXCHANGE-TRADED PRODUCTS, WHICH RESULTED IN PCTA'S INVESTMENT ADVISER REPRESENTATIVES ("IARS") USING THEIR
DISCRETIONARY AUTHORITY OVER CLIENT ACCOUNTS TO BUY AND HOLD A COMPLEX LEVERAGED EXCHANGE TRADED FUND ("LEVERAGED ETF") FOR
RETAIL CLIENTS FOR TIME PERIODS THAT WERE INCONSISTENT WITH THE PURPOSE OF THE PRODUCT AS DESCRIBED IN ITS OFFERING MATERIALS,
SUBJECTING ITS CLIENTS TO UNREASONABLE RISK OF LOSS.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
12/22/2021
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
CIVIL AND ADMINISTRATIVE PENALTY(IES)/FINE(S) PROHIBITION UNDERTAKING
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion
of penalty was waived: 
PCTA WAS ORDERED TO PAY DISGORGEMENT OF $3,054.74, PREJUDGMENT INTEREST OF $759.35, AND CIVIL PENALTIES OF $135,000 TO THE
SEC. MILLER WAS ORDERED TO PAY $65,000 IN CIVIL PENALTIES TO THE SEC.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
PEACHCAP TAX & ADVISORY, LLC AND DAVID H. MILLER, INV. ADV. ACT REL. NO. 5935 (DECEMBER 22, 2021) - IN THIS PARTICULAR ENFORCEMENT
ACTION, PEACHCAP TAX & ADVISORY, LLC ("PCTA") AND ITS FORMED PRINCIPAL, DAVID H. MILLER ("MILLER"), WERE CITED FOR, AMONG OTHER
THINGS, SENDING A CONFIDENTIAL PRIVATE PLACEMENT MEMORANDUM ("PPM") WITH MATERIAL MISREPRESENTATIONS AND OMISSIONS AND FOR

ENGAGING IN VARIOUS HIGH-RISK TRADING STRATEGIES INCONSISTENT WITH ITS STATED OBJECTIVES AND PRINCIPAL INVESTMENT STRATEGY.
ADDITIONALLY, THE SEC FOUND PCTA ENGAGED IN PRINCIPAL TRADES WITH ADVISORY CLIENTS WITHOUT PROVIDING THE REQUISITE TRANSACTION-
SPECIFIC NOTICE OR OBTAINING CONSENT. PCTA ALSO DID NOT ADOPT AND IMPLEMENT WRITTEN COMPLIANCE POLICIES AND PROCEDURES
REASONABLY DESIGNED TO PREVENT VIOLATIONS OF THE FEDERAL SECURITIES LAWS IN CONNECTION WITH THE PRINCIPAL TRADES. LASTLY, PCTA
DID NOT ADOPT WRITTEN COMPLIANCE POLICIES AND PROCEDURES REGARDING VOLATILITY-LINKED EXCHANGE-TRADED PRODUCTS, WHICH
RESULTED IN PCTA'S INVESTMENT ADVISER REPRESENTATIVES ("IARS") USING THEIR DISCRETIONARY AUTHORITY OVER CLIENT ACCOUNTS TO BUY
AND HOLD COMPLEX LEVERAGED EXCHANGE FUNDS ("LEVERAGED ETF") FOR RETAIL CLIENTS FOR TIME PERIODS THAT WERE INCONSISTENT WITH THE
PURPOSE OF THE PRODUCT AS DESCRIBED IN ITS OFFERING MATERIALS. AS A RESULT, THE SEC STATED WILLFUL VIOLATION OF SECTION 17(A)(3) OF
THE SECURITIES ACT, SECTIONS 206(2), 206(3), 206(4) AND RULES 206(4)-7 AND 206(4)-8 THEREUNDER OF THE ADVISERS ACT AND, CENSURED
PCTA, AND BARRED MILLER FROM ACTING AS A BROKER OR INVESTMENT ADVISER OR OTHERWISE ASSOCIATING WITH FIRMS THAT SELL SECURITIES
OR PROVIDE INVESTMENT ADVICE TO THE PUBLIC. PCTA WAS ORDERED TO PAY DISGORGEMENT OF $3,054.74, PREJUDGMENT INTEREST OF $759.35,
AND CIVIL PENALTIES OF $135,000 TO THE SEC. MILLER WAS ORDERED TO PAY $65,000 IN CIVIL PENALTIES TO THE SEC. MILLER CONTROLLED
PCTA'S OPERATIONS DURING THE TIME PERIOD RELEVANT TO THIS ACTION, AND HE WAS ORDERED TO DIVEST HIS INTERESTS IN AND TO HAVE NO
RESPONSIBILITIES WITH PCTA AND OTHER REGULATED ENTITIES.