The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Richard Pittman. According to his publicly available FINRA BrokerCheck report, Richard Pittman has been the subject of multiple customer disputes over the course of his career.

Richard Pittman is a Tennessee based securities broker. He has worked in the securities industry for twenty-two years. During his career, he has been registered with four different securities firms.

His Registrations

  • WMA Securities (1997-2000)
  • Washington Square Securities (2000)
  • Investors Capital Corp. (2000-2016)
  • Cetera Advisors (2016-Present)

The Allegations

  • In October 2016, a customer alleged that Richard Pittman made unsuitable investment recommendations in 2008.  This case was settled for $75,000 in damages.
  • In August 2018, another customer alleged that Richard Pittman recommended unsuitable investments to them in 2008. This case was settled for $95,000 in damages.
  • In October 2018, another customer alleged that Richard Pittman made unsuitable investments on their behalf in 2008. This case was settled for $45,000 in damages.
  • In September 2019, yet another customer alleged that Richard Pittman recommended unsuitable investments in 2008. This case is currently pending. This customer is seeking $150,000 in damages.

What Does This Mean?

Securities brokers have a obligation to their customers to always act in their (the customer’s) best financial interests. This obligation is the broker’s duty as a fiduciary. The most important aspect of this duty is having the ability to determine what investments are actually suitable for their customers. This can be determined by looking at information provided by the customer. This information includes; the customer’s investment objectives, age, risk tolerance, liquidity needs, and financial situation. These factors are very crucial in determining what investments are suitable for individual investors. Brokers unable to determine suitability from these factors lack the ability to perform their duties as a fiduciary to the standard that is required for their position.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Richard Pittman, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.