Articles Tagged with customer complaint

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.

John SaccentePublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 9, 2016 indicate that New York-based Cova Capital Partners broker John Saccente has been the subject of a customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Saccente (CRD# 2581445).

John Saccente has spent 11 years in the securities industry and has been registered with Cova Capital Partners in New York, New York since April 2016. Previous registrations include Legend Securities in Syosset, New York; Tryco Securities in Melville, New York; Brookville Capital Partners, which has since been expelled by FINRA, in Melville, New York; John Thomas Financial, which has since been expelled by FINRA, in New York, New York; Meyers Associates in New York, New York; Blackwall Capital Partners in New York, New York; Brookville Capital Partners, which has since been expelled by FINRA, in Uniondale, New York; EKN Financial, which has since been expelled by FINRA, in Melville, New York; New Castle Financial Services, which has since been expelled by FINRA, in New York, New York; and Great Eastern Securities in New York, New York. He is a registered broker and investment adviser with 18 US states and territories: California, the District of Columbia, Illinois, Indiana, Iowa, Kansas, Louisiana, Minnesota, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Vermont, Washington, and West Virginia. Continue Reading

Ray Anthony San PedroPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 9, 2016 indicate that New York-based National Securities Corporation broker Ray Anthony San Pedro has been the subject of a customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. San Pedro (CRD# 4565686).

Ray Anthony San Pedro has spent 13 years in the securities industry and has been registered with National Securities Corporation in New York, New York since 2008. Previous registrations include Rockwell Securities in New York, New York; Chicago Investment Group, which has since been expelled by FINRA, in New York, New York; First Republic Group, which has since been expelled by FINRA, in New York, New York; and Gilford Securities Corporation in New York, New York. He is a registered broker with 43 US states and territories. Continue Reading

Robert Witt Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 1, 2016 indicate that Illinois-based Voya Financial Advisors broker/adviser Robert Witt has been named in a pending customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Witt (CRD# 2926506).

Robert Witt has spent 14 years in the securities industry and has been registered with Voya Financial Advisors in Libertyville, Illinois since 2014. Previous registrations include ING Financial Partners in Bloomington, Illinois (2006-2010); OneAmerica Securities in Indianapolis, Indiana (1997-2006); and American United Life Insurance Company in Indianapolis, Indiana (1997-2001). He is a registered broker and investment adviser with 12 US states: Arizona, California, Florida, Illinois, Kansas, Kentucky, Louisiana, Michigan, Ohio, South Carolina, Utah, and Wisconsin. Continue Reading

James WrightPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 1, 2016 indicate that New York-based American Portfolios Financial Services broker/adviser James Wright, also known as James Bertalan, was discharged from two previous employers. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Bertalan (CRD# 1629437).

James Wright has spent 29 years in the securities industry and has been registered with American Portfolios Financial Services in New York, New York since March 2015. Previous registrations include Raymond James Financial Services in New York, New York; Ameriprise Financial Services in Garden City, New York; and IDS Life Insurance Company in Minneapolis, Minnesota. He is a registered broker and investment adviser with eight US states and territories: Arizona, Connecticut, the District of Columbia, New Jersey, New York, Ohio, South Carolina, and Virginia. Continue Reading

Lloyd DotsonPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on July 27, 2016 indicate that former Connecticut-based Commonwealth Financial Network broker Lloyd Dotson is currently not licensed to act as a broker or an investment adviser. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Dotson (CRD# 2551716).

Lloyd Dotson has spent 20 years in the securities industry and was most recently registered with Commonwealth Financial Network in New Canaan, Connecticut (2006-2016); Merrill Lynch in Stamford, Connecticut (2001-2006); and AG Edwards & Sons in St. Louis, Missouri (1995-2001). He is currently not registered with any state or firm. Continue Reading

James HopkinsPublic records published by the Financial Industry Regulatory Authority (FINRA) on July 27, 2016 indicate that Florida-based Dawson James Financial broker James Hopkins is the subject of a pending customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Hopkins (CRD# 2688074).

James Hopkins has spent 11 years in the securities industry and has been registered with Dawson James Securities in Boca Raton, Florida since 2014. Previous registrations include Sky Capital, which has since been expelled by FINRA, in New York, New York; Viewtrade Financial in Boca Raton, Florida; SAL Investment Services in Birmingham, Alabama; Sterling Financial Investment Group, which has since been expelled by FINRA, in Boca Raton, Florida; the Thornwater Company in New York, New York; Prime Charter in New York, New York; Shamus Group; and Roan Capital Partners in New York, New York. He is a registered broker with six US states: California, Florida, Illinois, New York, Pennsylvania, and Utah. Continue Reading

Barbara KenersonPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on July 25, 2016 indicate that Rhode Island-based Janney Montgomery Scott broker/adviser Barbara Kenerson has been named in a pending customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Ms. Kenerson (CRD# 1060984).

Barbara Kenerson has spent 33 years in the securities industry and has been registered with Janney Montgomery Scott in Providence, Rhode Island since 1999. Previous registrations include PaineWebber in Weehawken, New Jersey (1990-1999) and Tucker Anthony in Boston, Massachusetts (1982-1990). She is a registered broker and investment adviser with 18 US states and territories: Alabama, Arkansas, California, Connecticut, Florida, Georgia, Indiana, Kentucky, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Texas, and West Virginia. Continue Reading

John CullenPublicly available records published by the Financial Industry Regulatory Authority (FINRA) on July 25, 2016 indicate that New York-based Spartan Capital Securities broker John Cullen has received resolved or pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Cullen (CRD# 5062835).

John Cullen has spent 10 years in the securities industry and has been registered with Spartan Capital Securities in Garden City, New York since 2013. Previous registrations include Andrew Garrett in Floral Park, New Jersey; the Concord Equity Group in Iselin, New Jersey; New Castle Financial Services, which has since been expelled by FINRA, in Melville, New York; and Benson York Group, which has since been expelled by FINRA, in Melville, New York. He is a registered broker and investment adviser with 24 US states and territories. Continue Reading

Peter FentonPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on July 18, 2016 indicate that Massachusetts-based Detwiler Fenton & Company broker Peter Fenton is the subject of a pending customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Fenton (CRD# 2334505).

Peter Fenton has spent 23 years in the securities industry and has been registered with Detwiler Fenton & Company in Boston, Massachusetts since 1993. He was previously registered with Detwiler Fenton Wealth Management in Boston, Massachusetts (2011-2015). He is a registered broker in Massachusetts. Continue Reading