Erez Law is currently investigating former Investors Capital Corp. broker Richard Pittman (CRD# 2845145) regarding energy sector losses. Pittman has been registered with Cetera Advisors LLC in Memphis, Tennessee since October 2016. Previously, Pittman was registered with Investors Capital Corp. in Memphis, Tennessee from 2000 to 2016.
Over the past few years, oil prices have significantly declined. A supply glut in 2014 and 2015 led to some of the lowest prices the market has seen in recent years. In turn, securities values also dropped. The volatile energy sector experienced significant turmoil, and many energy companies were negatively impacted when global crude oil prices fell below $40 per barrel at the end of 2015. This was the lowest level since early 2009, as supply was in excess of global demand. Oil and gas companies experienced a spike in bankruptcies, which have left many investors reeling.
Pittman has been the subject of three customer complaints between 2016 and 2018, according to his CRD report:
- September 2019. “Alleged suitability of investments made in 2008.” The customer is seeking $150,000 in damages.
- October 2018. “Alleged unsuitability of investments made in 2008.” The customer sought$300,000 in damages and the case was settled for $45,000. This case is regarding oil and gas sector losses.
- August 2018. “Suitability of investments made approximately 10 years ago, in 2008.” The customer sought $736,000 in damages and the case was settled for $95,000. This case is regarding oil and gas sector losses.
- October 2016. “Based on current performance, client alleges that investments made in 2008 were unsuitable.” The customer sought $200,000 in damages and the case was settled for $75,000. This case is regarding oil and gas sector losses.
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, Investors Capital Corp. may be liable for investment or other losses suffered by Pittman’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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.