Anthony Pitta Named in Fraud Allegations

Anthony Pitta (CRD #: 1958029), a broker formerly registered with Capital Investment Group, is involved in disputes alleging fraud, according to his BrokerCheck record, accessed on November 6, 2024. Keep reading to learn more about his alleged conduct as a broker.

Investor Disputes

Two pending disputes, filed on September 17 and October 21, 2024, respectively named Anthony Pitta in the following allegations:

• Breach of contract
• Common law fraud
• Violations of federal securities laws
• Violations of the New York Consumer Protection Act
• Negligence and gross negligence

The September 17 dispute further alleged violation of the North Carolina Securities Act. Both disputes made these allegations in relation to GWG Holdings filing for bankruptcy on April 20, 2022. Investors seek a total of $155,000 in damages.

Several other disputes also made allegations relating to GWG Holdings:

• June 20, 2023: Allegations of negligence, violation of Regulation Best Interest, negligent misrepresentation, and breach of contract. Settled for $65,000.
• June 6, 2023: Allegations of negligence, negligent misrepresentation and material omission, breach of contract, fraud, failure to supervise, and violation of the suitability rule. Settled for $135,184.92.
• September 20, 2022: Allegations of material misrepresentations and omissions and violation of the suitability rule. Settled for $50,000.

On July 7, 2022, an investor named Anthony Pitta in a dispute alleging misrepresentation of the nature of a security and its risk. This dispute was settled for $295,000.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

FINRA Rule 2020

FINRA Rule 2020 prohibits the misrepresentation of investments and omission of material facts. Material facts include information about an investment’s potential returns, as well as charges, expenses, and fees. 

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish supervisory systems to ensure their compliance with securities regulations. Firms must appoint supervisors and provide them with Written Supervisory Procedures (WSPs) to follow.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. These profiles describe an investor’s risk tolerance, tax status, and financial goals.

Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.

Background Information

Anthony Pitta has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 6 – Investment Company Products/Variable Contracts Representative Examination

He previously worked for the following firms:

• Capital Investment Group (CRD#:14752)
• Park Avenue Securities (CRD#:46173)
• Guardian Investor Services (CRD#:6635)
• Penn Mutual Equity Services (CRD#:4031)
• Monarch Securities (CRD#:2809)
• Home Life Insurance Company (CRD#:4184)
• W. S. Griffith & Company (CRD#:10410)

Kurta Law Can Help

If you worked with Anthony Pitta and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.