Articles Tagged with REIT 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.

Lance HarshbargerPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on July 17, 2016 indicate that Kansas-based Securities America broker/adviser Lance Harshbarger 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. Harshbarger (CRD# 3059198).

Lance Harshbarger has spent 18 years in the securities industry and has been registered with Securities America in Overland Park, Kansas since 2014. He was previously registered with Sunset Financial Serviecs in Overland Park, Kansas (1998-2014). He is a registered broker and investment adviser with 14 US states and territories: Arizona, Arkansas, Colorado, Florida, Hawaii, Illinois, Iowa, Kansas, Louisiana, Missouri, Nebraska, Oklahoma, Tennessee, and Texas. Continue Reading

James RaiaPublic records provided by the Financial Industry Regulatory Authority (FINRA) on June 22, 2016 indicate that New York-based Summit Brokerage Services broker James Raia has received settled or pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Raia (CRD# 2397301).

James Raia has spent 19 years in the securities industry and has been registered with Summit Brokerage Services in Ridgewood, New York since September 2015. Previous registrations include JP Turner & Company in Ridgewood, New York; Gunnallen Financial in Ridgewood, New York; Greenpoint Securities in Lake Success, New York; Essex National Securities in Napa, California; MetLife Securities in New York, New York; Metropolitan Life Insurance in New York, New York; Shamrock Financial Services, which has since been expelled by FINRA, in Lake Success, New York; and Continental Broker-Dealer Corporation, which has since been expelled by FINRA, in Carle Place, New York. He is a registered broker with seven US states: California, Connecticut, Florida, Maryland, New Jersey, New York, and Pennsylvania. Continue Reading

Donnie Ingram Public records published by the Financial Industry Regulatory Authority (FINRA) on June 21, 2016 indicate that Florida-based Investors Capital broker/adviser Donnie Ingram has been the subject of settled or pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Ingram (CRD# 1416971).

Donnie Ingram has spent 30 years in the securities industry and has been registered with Investors Capital in Winter Haven, Florida since 1997. Previous registrations include IFG Network Securities in Atlanta, Georgia; Buckhead Financial Corporation; Walnut Street Securities in El Segundo, California; NAP Financial Corporation in Irvine, California; Mariner Financial Services in Largo, Florida; Berachah Securities Corporation; and Protective Equity Services. He is a registered broker and investment adviser with 17 US states and territories: California, Florida, Georgia, Hawaii, Idaho, Indiana, Kentucky, Louisiana, Massachusetts, Michigan, Missouri, New Hampshire, New Jersey, New York, North Carolina, South Carolina, and West Virginia. Continue Reading

Trevor MathesPublicly available records provided by the Financial Industry Regulatory Authority on June 13, 2016 indicate that Tennessee-based Woodmen Financial Services broker Trevor Mathes has been the subject of numerous customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Mathes (CRD# 1977443).

Trevor Mathes has spent 26 years in the securities industry and has been registered with Woodmen Financial Services in Bristol, Tennessee since February 2016. Previous registrations include Allstate Financial Services in Bristol, Tennessee; Investors Capital Corporation in Bristol, Tennessee; Financial Securities Network; NAP Financial Corporation in Irvine, California; Pruco Securities in Newark, New Jersey; and the Prudential Insurance Company of America in Newark, New Jersey (1989-1990). He is a registered broker in Tennessee and Virginia. Continue Reading

Dennis Van PatterPublic records provided by the Financial Industry Regulatory Authority (FINRA) on March 2, 2016 indicate that Texas-based VSR broker/adviser Dennis Van Patter is the subject of several customer complaints. The securities and investment fraud law firm Fitapelli Kurta is investigating allegations of misconduct against Mr. Van Patter (CRD# 1364583).

Dennis Van Patter has spent 30 years in the securities industry and has been registered with VSR Financial Services in Plano, Texas since 1997. Previous registrations include Dominion Capital Corporation in Dallas, Texas (1990-1997); Anchor National Financial Services (1987-1989); and NWNL Management Corporation (1985-1986). He is a registered broker and investment adviser in Texas. Continue Reading

Jeffrey SandersAccording to records provided by the Financial Industry Regulatory Authority (FINRA) on February 16, 2016, Florida-based Cabot Lodge Securities broker Jeffrey Sanders  is the subject of one pending customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Sanders (CRD# 2200497).

Jeffrey Sanders has spent 22 years in the securities industry and has been registered with Cabot Lodge Securities in Boca Raton, Florida since 2014. Previous registrations include Fintegra in Boca Raton, Florida (2009-2014); Jesup & Lamont Securities in Boca Raton, Florida; Empire Financial Group in Boca Raton, Florida; Jesup & Lamont Securities in New York, New York; Rushmore Securities in Dallas, Texas; Northstar Securities in Dallas, Texas; JW Genesis Financial Services in St. Louis, Missouri; Sigma Financial Corporation in Ann Arbor, Michigan; IFG Network Securities in Atlanta, Georgia; and Wealth Builders Equity Corporation. He is a registered broker in three US states: Colorado, Florida, and New Jersey. Continue Reading

Anthony Lopopolo The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Massachusetts-based broker/adviser Anthony Lopopolo (CRD# 3054422).

Anthony Lopopolo has spent seventeen years in the securities industry and has been registered with Voya Financial Advisors in Worcester, Massachusetts since 2014. Previous registrations include Ameriprise Financial Services in Worcester, Massachusetts (1998-2014) and IDS Life Insurance Company in Minneapolis, Minnesota (1998-2006). He is a registered broker and investment adviser with ten US states and territories: Arizona, California, Connecticut, Florida, Maine, Massachusetts, New Hampshire, North Carolina, South Carolina, Texas. Continue Reading

Susan MooreThe securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Alabama-based LPL broker/adviser Susan Moore (CRD# 1130216).

Susan Moore has spent 32 years in the securities industry and has been registered with LPL Financial in Alexander City and Montgomery, Florida since 2006. Previous registrations include Raymond James Financial Services in Alexander City, Alabama (1999-2006); Robert Thomas Securities in St. Petersburg, Florida (1991-1999); and Prudential Securities Corporation in New York, New York (1983-1991). She is a registered broker in 30 US states and territories. Continue Reading

Stephen WestlakeThe securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investor who have complaints regarding California-based Ameriprise broker/adviser Stephen Westlake (CRD# 1435643).

Stephen Westlake has spent thirty years in the securities industry and has been registered with Ameriprise Financial Services in Granite Bay, California since 1985. He was previously registered with IDS Life Insurance Company in Minneapolis, Minnesota (2000-2006). He is a registered broker and investment adviser with 26 US states and territories. Continue Reading