GWG Holdings Inc. L Bonds Losses Capital Investment Group, Inc. Broker Anthony Pitta Investment Loss Options

GWG Holdings Inc.

Erez Law is currently investigating Capital Investment Group, Inc. broker Anthony Pitta (CRD# 1958029), who is accused of investment losses due to GWG Holdings Inc. L Bonds. He has been registered with Capital Investment Group, Inc. in Melville, New York, since 2010. 

Anthony Pitta Customer Complaints

He has been the subject of six customer complaints between 2018 and 2023, one of which was closed without action, according to his CRD report:

June 2023. “GWG Holdings filed Chapter 11 bankruptcy on April 20, 2022. Complaint alleges breach of fiduciary duty, negligence – violation of Regulation Best Interest, negligent misrepresentation, and breach of contract.” The customer is seeking $175,000 in damages. 

June 2023. “GWG Holdings filed Chapter 11 bankruptcy on April 20, 2022. Complaint alleges negligence, negligent misrepresentation, material omission, breach of fiduciary duty, breach of contract, equitable rescissions, unsuitability, failure to supervise, and fraud.” The customer is seeking $250,000 in damages. 

May 2023. “An investment in American Realty Capital’s New York City REIT was unsuitable in nature.” The customer sought $26,000 in damages, and the case was settled for $7,500.

September 2022. “In April, 2021, [REDACTED] and [REDACTED] purchased $100,000 of GWG Holdings, Inc. in a joint account. Although the purchase was made by both [REDACTED], only [REDACTED] was a named claimant in the Statement of Claim. The allegations included unsuitability of the investment for the claimant, breach of fiduciary duty by the firm and, material misrepresentations and omissions of information to the client.” The customer is seeking $100,000 in damages. 

July 2022. “Misrepresentation of the risk and nature of the security purchased. For the purpose of full transparency, although the representative was not named as a respondent, he was clearly referenced in the Statement of Claim.” The customer is seeking $625,000 in damages and the case is currently pending. The complaint was regarding direct investments and LP interests. 

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Capital Investment Group, Inc. may be liable for investment or other losses suffered by Anthony Pitta’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.

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Author: Jeffrey Erez

The founder of Erez Law, Jeffrey Erez, focuses exclusively on securities arbitration and litigation. Mr. Erez passionately believes in representing aggrieved investors and obtaining justice for his clients through litigation.