January 2021- Memphis, TN
The FINRA records of Richard Lynn Pittman, a stockbroker employed by Cetera Advisors, disclose 4 prior customer disputes .
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 1/2020 a customer of Investors Capital Corp. was paid $51,500 to resolve allegations that investments in limited partnerships and other direct investments were unsuitable.
In 8/19, a customer of Investors Capital Corp. was paid $45,000 to resolve allegations of unsuitability of investments made in 2008.
In 8/19, another customer of Investors Capital Corp. was paid $95,000 to resolve allegations of suitability of investments made in 2008.
In 6/18 a customer of Investors Capital Corp., was paid $75,000 to resolve allegations that investments made in 2008 were unsuitable.
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer.
Richard Lynn Pittman has been employed by Cetera Advisors since 10/16. Prior to that he was with Investors Capital Corp. from 8/2000 until 10/16.
If you have questions about an account handled by Richard Lynn Pittman call for a no charge consultation to learn more about your legal options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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