Articles Tagged with Unsuitability

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.

Trevor WurtzebachPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 8, 2016 indicate that Illinois-based JP Morgan broker/adviser Trevor Wurtzebach has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Wurtzebach (CRD# 5134519).

Trevor Wurtzebach has spent nine years in the securities industry and has been registered with JP Morgan in Wilmette, Illinois since April 2016. Previous registrations include JP Morgan Securities in Chicago, Illinois (2014-2016); Sigma Financial Corporation in Chicago, Illinois (2010-2013); and National Securities Corporation in Chicago, Illinois (2006-2010). He is a registered broker and investment adviser five US states and territories: California, Florida, Illinois, North Carolina, and Texas. Continue Reading

Richard ColemanPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 8, 2016 indicate that New York-based Salomon Whitney Financial broker Richard Coleman has been the subject of customer complaints and regulatory sanctions. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Coleman (CRD# 2720422).

Richard Coleman has spent 19 years in the securities industry and has been registered with Salomon Whitney Financial in Farmingdale, New York since February 2016. Previous registrations include Legend Securities in Miller Place, 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; Woodstock Financial Group in Farmingdale, New York; Rockwell Global Capital in Port Jefferson, New York; Aura Financial Services in East Setauket, New York; A&F Financial Services in Mount Dora, Florida; New Castle Financial Services, which has since been expelled by FINRA, in Melville, New York; Benson York Group in Melville, New York; LH Ross & Company in Boca Raton, Florida; Granite Associates in Del Ray Beach, Florida; Continental Broker-Dealer, which has since been expelled by FINRA, in Carle Place, New York; Whitehall Wellington Investments in Port Washington, New York; and Gaines Berland in Bethpage, New York. He is a registered broker with 16 US states and territories: California, Connecticut, the District of Columbia, Georgia, Iowa, Louisiana, Minnesota, Nebraska, New York, North Carolina, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Texas, and Wyoming. Continue Reading

Dalas Gunderson Public records provided by the Financial Industry Regulatory Authority (FINRA) on August 9, 2016 indicate that California-based Kovack Securities broker/adviser Dalas Gunderson has received customer complaints and a regulatory sanction. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Gunderson (CRD# 3107187).

Dalas Gunderson has spent 17 years in the securities industry and has been registered with Kovack Securities in Willows, California since May 2015. Previous registrations include Edward Jones in Willows, California; Merrill Lynch in Chico, California; and Painewebber in Weehawken, New Jersey. He is a registered broker and investment adviser in California. Continue Reading

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

Arlon Enmeier Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 9, 2016 indicate that California-based Securities America broker/adviser Arlon Enmeier has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Enmeier (CRD# 1000999).

Arlon Enmeier has spent 34 years in the securities industry and has been registered with Securities America in San Clemente, California since 1994. Previous registrations include Linsco/Private Ledger Corporation in Boston, Massachusetts; EBM World Network Incorporated; IDM Securities Corporation; All Services Financial Center; and University Securities. He is a registered broker and investment adviser with 23 US states and territories: Arizona, California, Colorado, Florida, Georgia, Hawaii, Idaho, Illinois, Kansas, Mississippi, Montana, Nebraska, Nevada, New York, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, Virginia, Washington, and Wisconsin. Continue Reading

James MirendaPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 9, 2016 indicate that New York-based Legend Securities broker James Mirenda has been the subject of customer complaints and a regulatory sanctions. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Mirenda (CRD# 2585792).

James Mirenda has spent eight years in the securities industry and has been registered with Legend Securities in Miller Place, New York since April 2015. Previous registrations include Tryco Securities in Miller Place, New York; Brookville Capital Partners, which has since been expelled by FINRA, in Miller Place, New York; John Thomas Financial, which has since been expelled by FINRA, in New York, New York; JD Nicholas & Associates in Lake Grove, New York; EKN Financial Services, which has since been expelled by FINRA, in Melville, New York; Joseph Gunnar & Company in Medford, New York; EKN Financial Services, which has since been expelled by FINRA, in Farmingville, New York; KC Ward Financial in Ronkonkoma, New York; American Capital Partners in Medford, New York; Clark Dodge & Company in Dodge City, New York; and World Equity Group in Garden City, New York. He is a registered broker with seven US states: California, Connecticut, Iowa, Minnesota, New York, Oklahoma, and Wyoming. Continue Reading

Jeffrey Geraci Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on August 9, 2016 indicate that Virginia-based Intervest International Equities Corporation broker/adviser Jeffrey Geraci has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Geraci (CRD# 1839469).

Jeffrey Geraci has spent 27 years in the securities industry and has been registered with Intervest International Equities Corporation in Virginia Beach, Virginia since 2010. Previous registrations include MICG Investment Management, which has since been expelled by FINRA, in Virginia, Beach, Virginia; Infinex Investments in Virginia Beach, Virginia; BI Investments in Virginia Beach, Virginia; and First Command Financial Planning in Tampa, Florida. He is a registered broker and investment adviser with 10 US states and territories: California, Colorado, Florida, Hawaii, Illinois, Maryland, North Carolina, Texas, Utah, and Virginia. Continue Reading

Geoff CambalPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 9, 2016 indicate that Massachusetts-based NBC Securities broker Geoff Cambal has received several customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Cambal (CRD# 2494445).

Geoff Cambal has spent 17 years in the securities industry and has been registered with NBC Securities in Yarmouth, Massachusetts since August 2015. Previous registrations include JHS Capital Advisors in Osterville, Massachusetts; RBC Capital Markets in Osterville, Massachusetts; and Legg Mason Wood Walker in Baltimore, Maryland. He is a registered broker with 10 US states and territories: California, Connecticut, Florida, Maryland, Massachusetts, Nevada, New York, Pennsylvania, Rhode Island, and South Carolina. Continue Reading

Mark KalterPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 1, 2016 indicate that New York-based Dawson James broker Mark Kalter has been sanctioned by FINRA and 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. Kalter (CRD# 1998911).

Mark Kalter has spent 23 years in the securities industry and has been registered with Dawson James Securities in New York, New York since February 2016 previous registrations include Woodstock Financial Group in Garden City, New York; Meyers Pollock Robbins, which has since been expelled by FINRA, in New York, New York; Monitor Investment Group, which has since been expelled by FINRA; Biltmore Securities, which has since been expelled by FINRA, in Fort Lauderdale, Florida; Windsor Reynolds Securities in Honolulu, Hawaii; Stratton Oakmont, which has since been expelled by FINRA, in Lake Success, New York; and Smith Barney Harris Upham in New York, New York. He is a registered broker with eight US states and territories: Michigan, Minnesota, New York, Ohio, Pennsylvania, Texas, Virginia, and Washington. Continue Reading