Broker Richard Pittman of Cetera Advisors has Customer Disputes Totaling $1M

Richard Lynn Pittman (CRD#: 2845145), is a registered broker and investment advisor with Cetera Advisors LLC of Memphis, TN.

Pittman’s previous employers include Investors Capital Corp., of Memphis, Washington Square Securities, Inc. of Des Moines, IA, and WMA Securities, Inc. of Duluth, GA.  He has been in practice since 1997.

Pittman has been the center of three customer disputes. On 10/31/18, Pittman was accused of making unsuitable investment recommendations and ordered to pay client damages in the amount of $300,000. Pittman denies the allegations, and the case is currently pending.

Two months earlier, on 8/9/18, Pittman was again sued, also for unsuitability allegations. Damages are requested in the amount of $736,000. Pittman again denies the allegations, and this case is also pending.

His only previous dispute, on 10/19/2016, alleged that several investments purchased in 2008 were also unsuitable. Requested damages were in the amount of $200,000, with Pittman settling the case for $75,000. Pittman denied the allegations, stating that the settlement was a “business decision” made by the board of directors.

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