Financial Advisor, Peter Bitterman, Has Securities License Revoked By Wisconsin Division Of Securities
The Wolper Law Firm is currently investigating claims against Peter Bitterman, a Financial Advisor at Westminster Financial Securities in Dayton, Ohio. Peter Bitterman has been in the securities industry since 2000 and previously worked at RBC Capital Markets and B.C. Ziegler & Co.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 23, 2018, FINRA revoked Peter Bitterman’s license and ability to transact securities “due to delinquent taxes caused by my divorce…” It is reported that Peter Bitterman can have his registration reinstated upon payment of all outstanding amounts.
Peter Bitterman has other reported events on his disclosure report. In 2011, Peter Bitterman was discharged by RBC after it was alleged that he “violated firm policy by selling a security without prior verbal knowledge and consent of the client.”
In addition, Peter Bitterman has three reported customer complaints for sales practice violations, including the following:
- August 2009—“Clients claim that the potential risks of their investment were misrepresented and that their investment was unsuitable.” The matter was settled for $750,000
- August 2009—“Clients claim that the potential risks of their investment were misrepresented and that their investment was unsuitable.” The matter was settled for $750,000
- January 2009—“Clients verbally complained that some investments should have been sold in 2004 and an investment purchased in 2007 should not have been recommended.” The matter was settled for $50,000.
To read all of these disclosures, click https://brokercheck.finra.org/individual/summary/4153389#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. In addition, Financial Advisors must first obtain authorization from their customers before placing trades in a customer account. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Peter Bitterman, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@67.43.6.64 to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.
