Articles Posted in Customer Complaints

Richard PittmanRichard Pittman (CRD#: 2845145), a registered representative with Cetera Advisors LLC in Memphis, Tennessee, is currently involved in a pending customer dispute in which a client alleges that Richard Pittman recommended unsuitable investments in 2008, according to his BrokerCheck record accessed on October 23, 2019. The investments in question involve oil and gas, as well as limited partnerships (in which an investor’s liability is limited to the amount they invested in a given business venture). The client, who filed the complaint on September 24, 2019, is seeking $150,000 in damages; the matter is pending.

This is not the only instance in which a client has alleged that Richard Pittman recommended unsuitable investments in 2008. The other three disclosures on Richard Pittman’s BrokerCheck involve the same allegations. On October 19, 2016, another client sued Richard Pittman for $200,000. The matter was ultimately settled for $75,000. On August 9, 2018, a client filed a complaint against Richard Pittman, requesting $736,000 in damages. The dispute was settled for $95,000. Just three months later, on October 31, 2018, a client sought $200,000 in damages, and the matter was settled for $75,000. All the investments involved oil and gas, as well as real estate. Real Estate Investment Trusts (REITs) are illiquid and are not suitable for investors who want to be able to easily convert their assets to cash should the need arise.

What does Richard Pittman have to say in response to these allegations? According to his Broker Comment, he “asserts that the investments were suitable at the point of sale, when suitability is determined. Later performance does not and cannot affect the initial suitability determination. Matter settled by the prior BD as a business decision.” Registered representatives have a responsibility to recommend suitable investments to their clients, considering their risk tolerance, long-term goals, and need for liquidity, along with other factors. If the recommended investments later performed such that a client lost a significant amount of money, it is possible that the registered representative placed the client in investments that were too risky given their unique goals and needs.

Yvonne SilgueroYvonne Silguero (CRD#: 3211495), a registered representative with LPL Financial LLC in McAllen, Texas and Brownsville, Texas, is currently involved in a $500,000 dispute over misrepresentation, according to her BrokerCheck report accessed on October 2, 2019. A client, who filed a complaint on August 9, 2019, alleges that Yvonne Silguero engaged in “negligence, gross negligence, misrepresentation, omission of material facts, breach of fiduciary duty through failure to supervise, and breach of contract” from July 2014 to October 2018.

Yvonne Silguero is also currently involved in a second customer dispute. Filing a complaint on April 12, 2017, a customer alleged that he was sold “unsuitable products for which he was not eligible.”

Yvonne Silguero has enjoyed a 20-year career in the securities industry. Before joining LPL Financial LLC (CRD#: 6413) in 2008, Yvonne Silguero worked for Raymond James Financial Services, Inc. (CRD#: 6694) in Pharr, Texas.

Debra Bourne Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on April 16, 2019 indicate that New Jersey-based First Standard Financial Company broker Debra Bourne has received resolved or pending customer disputes. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Ms. Bourne (CRD# 1352344).

Debra Bourne has spent 19 years in the securities industry and has been registered with First Standard Financial Company in Red Bank, New Jersey since 2016. Previous registrations include National Securities Corporation in Red Bank, New Jersey (2014-2016); Oppenheimer & Company in Red Bank, New Jersey (2008-2014); Janney Montgomery Scott in Red Bank, New Jersey (2004-2008); Morgan Stanley DW in Purchase, New York (1999-2004); First Union Securities in St. Louis, Missouri (1999-2000); and First Union Capital Markets in Charlotte, North Carolina (1999). She has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which she obtained on October 20, 1999; SIE (Securities Industry Essentials Examination), which she obtained on October 1, 2018; and Series 7 (General Securities Representative Examination), which she obtained on September 21, 1999. She is a registered broker with 24 US states and territories.

According to her BrokerCheck report, she has received one customer complaint and four pending customer complaints.

Thomas MarinoPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on May 13, 2019 indicate that Florida-based RM Stark & Company broker Thomas Marino has received resolved or pending customer complaints. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Marino (CRD# 4438533).

Thomas Marino has spent 17 years in the securities industry and has been registered with RM Stark & Company in Delray Beach, Florida since 2012. Previous registrations include JW Cole Financial in Sarasota, Florida (2009-2012); Newbridge Securities in Boca Raton, Florida (2009); Summit Brokerage Services in West Palm Beach, Florida (2008-2009); Morgan Stanley & Company in Sarasota, Florida (2007-2008); Morgan Stanley DW in Sarasota, Florida (2005-2007); and AG Edwards & Sons in St. Louis, Missouri (2001-2005). He has passed four securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on December 2, 2001; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; Series 7 (General Securities Representative Examination), which he obtained on October 3, 2001; and Series 9 (General Securities Sales Supervisor – Options Module Examination), which he obtained on December 9, 2005. He is a registered broker with four US states: California, Florida, New Jersey, and New York.

According to his BrokerCheck report, he has received one customer complaint, one pending customer complaint, and one denied customer complaint, and he resigned from a former employer in connection to alleged rule violations.

Craig SherrePublic records published by the Financial Industry Regulatory Authority (FINRA) and accessed on May 13, 2019 indicate that New York-based Janney Montgomery Scott broker/adviser Craig Sherrer has received a pending customer complaint. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Sherrer (CRD# 5972142).

Craig Sherrer has spent seven years in the securities industry and has been registered with Janney Montgomery Scott in Garden City, New York since April 2018. Previous registrations include Newbridge Securities Corporation in New York, New York (2012-2018) and Investors Capital Corporation in New York, New York (2011-2012). He has passed four securities industry examinations: Series 66 (Uniform Combined State Law Examination), which he obtained on August 9, 2018; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on March 9, 2012; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; and Series 7 (General Securities Representative Examination), which he obtained on November 22, 2011. He is a registered broker and investment adviser with 39 US states and territories.

According to his BrokerCheck report, he has received one pending customer complaint.

John ForresterPublic records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on May 13, 2019 indicate that Florida-based Newbridge Securities Corporation broker John Forrester has received resolved or pending customer complaints. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Forrester (CRD# 728188).

John Forrester has spent 37 years in the securities industry and has been registered with Newbridge Securities Corporation in Boca Raton, Florida since 2010. Previous registrations include Wasserman & Associates in Myrtle Beach, South Carolina (2000-2010); Thos. K. Wasserman & Associates in Boynton Beach, Florida (1995-1999); Dean Witter Reynolds in Purchase, New York (1991-1995); Prudential Securities in New York, New York (1988-1991); Thomson McKinnon Securities (1984-1988); Richardson Greenshields Securities (1984); Arch W. Roberts & Company (1982-1984); Cralin & Company (1982); Fittin Cunningham & Lauzon (1981-1982); and Herzfeld & Stern (1981). He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on August 13, 1984; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; and Series 7 (General Securities Representative Examination), which he obtained on April 11, 1981. He is a registered broker with 18 US states and territories.

According to his BrokerCheck report, he has received three customer complaints and one pending customer complaint.

Robert HartPublicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on May 13, 2019 indicate that California-based Stifel Nicolaus broker/adviser Robert Hart has received a pending customer complaint. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Hart (CRD# 2313194).

Robert Hart has spent 26 years in the securities industry and has been registered with Morgan Stanley in Sea Girt, New Jersey since 2017. Previous registrations include Wells Fargo Clearing Services in Spring Lake, New Jersey (2012-2017); RBC Capital Markets in Wall Township, New Jersey (2008-2012); UBS Financial Services in Red Bank, New Jersey (2004-2008); Morgan Stanley DW in Purchase, New York (1994-2004); Equico Securities in New York, New York (1993-1994); and the Equitable Life Assurance Society of the United States in New York, New York (1993-1994). He has passed eight securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on July 3, 2002; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on February 18, 1993; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; Series 31 (Futures Managed Funds Examination), which he obtained on April 18, 1995; Series 7 (General Securities Representative Examination), which he obtained on October 1, 1994; Series 6 (Investment Company Products/Variable Contracts Representative Examination), which he obtained on January 27, 1993; Series 10 (General Securities Sales Supervisor – General Module Examination), which he obtained on April 17, 2001; and Series 9 (General Securities Sales Supervisor – Options Module Examination), which he obtained on March 2, 2001. He is a registered broker and investment adviser with 22 US states and territories: California, Connecticut, Delaware, Florida, Georgia, Hawaii, Indiana, Louisiana, Maryland, Massachusetts, Montana, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Vermont, and Virginia.

According to his BrokerCheck report, he has received one pending customer complaint and two denied customer complaints.

Peter ViglionePublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on April 30, 2019 indicate that New York-based Laidlaw & Company broker Peter Viglione has received resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Viglione (CRD# 4697621).

Peter Viglione has spent 15 years in the securities industry and has been registered with Laidlaw & Company in New York, New York since 2014. Previous registrations include Portfolio Advisors Alliance in New York, New York (2013-2014); John Thomas Financial in New York, New York (2008-2013); National Securities Corporation in New York, New York (2006-2008); SW Bach & Company in New York, New York (2005-2006); Oppenheimer & Company in New York, New York (2003-2005); and Casimir Capital in Greenwich, Connecticut (2003). He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination); SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; and Series 7 (General Securities Representative Examination). He is a registered broker with 43 US states and territories.

According to his BrokerCheck report, he has received three customer complaints and two pending customer complaints.

John Young

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on March 21, 2019 indicate that Maryland-based UBS Financial Services broker/adviser John Young has received a pending customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Young (CRD# 2626571).

John Young has spent 23 years in the securities industry and has been registered with UBS Financial Services in Bethesda, Maryland since 2009. Previous registrations include Citigroup Global Markets in Bethesda, Maryland (2006-2009) and Legg Mason Wood Walker in Baltimore, Maryland (1995-2006). He has passed seven securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on August 31, 1995; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on August 25, 1995; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; Series 31 (Futures Managed Funds Examination), which he obtained on June 30, 2008; Series 7 (General Securities Representative Examination), which he obtained on July 19, 1995; Series 10 (General Securities Sales Supervisor – General Module Examination), which he obtained on January 3, 2000; and Series 9 (General Securities Sales Supervisor – Options Module Examination), which he obtained on December 3, 1999. He is a registered broker and investment adviser with 23 US states and territories: Arizona, California, Colorado, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Jersey, New Mexico, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Tennessee, and Virginia.

According to his BrokerCheck report, he has received one pending customer complaint and one denied customer complaint.

Michael Greenfield Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on March 21, 2019 indicate that Florida-based Newbridge Securities broker/adviser Michael Greenfield has received several resolved or pending customer disputes. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Greenfield (CRD# 5406611).

Michael Greenfield has spent 10 years in the securities industry and has been registered with Newbridge Securities Corporation in Boca Raton, Florida since 2017. Previous registrations include Oppenheimer & Company in Boca Raton, Florida (2013-2016); Morgan Stanley & Company in Boca Raton, Florida (2013); and The GMS Group in Boca Raton, Florida (2008-2013). He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on November 23, 2009; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; and Series 7 (General Securities Representative Examination), which he obtained on February 6, 2008. He is a registered broker and investment adviser with seven US states and territories: California, Florida, Georgia, Maryland, Michigan, New York, and Texas.

According to his BrokerCheck report, he has received four customer complaints and two pending customer complaints.