Securities Lawyers Blog
Advisor Richard Pittman (Pittman), currently employed by Cetera Advisors LLC (Cetera) has been subject to at least three customer complaints during the course of his career. According to a BrokerCheck report the customer complaints mostly concerns alternative investments such as direct participation products (DPPs) like non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs. The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.
In October 2018 a customer complained that Pittman violated the securities laws by alleging that the financial advisor made unsuitable investment starting in 2008 among other allegations associated non-traded REITs and other DPPs causing $300,000 in damages. The claim is currently pending.
In August 2018 a customer complained that Pittman violated the securities laws by alleging that the financial advisor made unsuitable investment starting in 2008 among other allegations associated non-traded REITs and other DPPs causing $736,000 in damages. The claim is currently pending.
DDPs such as non-traded REITs, oil and gas offerings, equipment leasing products, and other alternative investments virtually never profit investors. These products are almost always unsuitable for investors because of their high fee and cost structure. Brokers sell these products are paid additional commission in order to hype these inferior quality investments providing a perverse incentives to create an artificial market for products that no honest advisor would sell.