Haselkorn & Thibaut (InvestmentFraudLawyers.com) has opened an investigation into Edison, New Jersey-based financial advisor Jeffrey Lewis Gitterman, who currently operates through Gitterman Wealth Management, LLC and Vanderbilt Securities, LLC. If you’ve experienced investment losses or have concerns about your accounts managed by Mr. Gitterman, you may have legal options available.
Understanding Jeffrey Lewis Gitterman’s Background
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Jeffrey Lewis Gitterman (CRD# 1910332) has been in the securities industry for over three decades, currently maintaining dual registrations with Gitterman Wealth Management, LLC and Vanderbilt Securities, LLC in Edison, New Jersey. His extensive career includes previous affiliations with several major financial institutions including Triad Advisors, Inc., ING Financial Advisers, LLC, Aetna Financial Services, Inc., and AXA Advisors.
While longevity in the industry can indicate experience, investors should be aware that Mr. Gitterman’s regulatory record contains multiple disclosures that warrant careful consideration.
Critical Red Flags in Gitterman’s Regulatory History
A comprehensive review of Mr. Gitterman’s BrokerCheck record reveals 21 total disclosures, including several concerning patterns that investors should understand:
| Disclosure Type | Number | Key Concerns |
|---|---|---|
| Customer Disputes | 6 | Allegations of unsuitable investments, breach of fiduciary duty |
| Regulatory Events | 1 | FINRA supervision violations |
| Civil Judicial Events | 3 | Court proceedings related to business practices |
| Bankruptcy | 1 | Filed Chapter 13 in 2017 |
Detailed Analysis of Customer Complaints
The customer disputes against Mr. Gitterman reveal troubling patterns that investors should carefully evaluate:
Recent Settlement Activity (2021-2024)
- May 2024: A customer alleged unsuitable recommendations regarding alternative investments and equities, resulting in a $40,000 settlement
- November 2021: Another dispute involving unsuitable investment recommendations led to a $19,000 settlement
Historical Complaints Demonstrating Patterns
Looking at earlier disputes provides context for ongoing concerns:
- Repeated allegations of unsuitability across multiple time periods (2009, 2011, 2021, 2024)
- Breach of fiduciary duty claims appearing in multiple complaints
- Alternative investment concerns featured prominently in recent disputes
While settlements don’t constitute admissions of wrongdoing, the pattern of similar allegations over 15+ years raises significant questions about investment recommendation practices.
Understanding the FINRA Regulatory Action
In July 2022, FINRA took formal regulatory action against Mr. Gitterman, resulting in a Letter of Acceptance, Waiver, and Consent (AWC). The regulatory findings included:
- Failure to establish and maintain adequate supervisory systems
- Inadequate written supervisory procedures (WSPs)
- Violations spanning from January 2017 to December 2019
- Monetary sanctions totaling $10,000
These supervisory failures are particularly concerning because proper supervision protects investors from unsuitable recommendations and ensures compliance with industry regulations.
Additional Risk Factors for Investors
Financial Stability Concerns
Mr. Gitterman’s Chapter 13 bankruptcy filing in February 2017 (discharged October 2020) raises questions about financial judgment. While personal financial difficulties don’t automatically indicate professional misconduct, they can create potential conflicts of interest when advisors face pressure to generate commissions or fees.
Complex Employment History
The advisor’s movement between multiple firms, combined with periods of overlapping registrations, creates a complex employment picture that investors should understand:
- Current dual registration with two separate entities
- History with at least six different securities firms
- Multiple transitions that coincide with customer complaints
What This Means for Current and Former Clients
If you’ve invested with Jeffrey Gitterman through Vanderbilt Securities or Gitterman Wealth Management, consider these important steps:
- Review all account statements and confirmations for unexplained losses or unauthorized transactions
- Document any verbal or written investment recommendations that seemed unsuitable for your risk tolerance or investment objectives
- Pay special attention to alternative investments, which feature prominently in recent complaints
- Calculate your actual investment losses, including fees and opportunity costs
Your Legal Rights as an Investor
Securities industry regulations provide important protections for investors, including:
- The right to suitable investment recommendations based on your financial situation and objectives
- Protection from excessive trading or churning in your accounts
- Full disclosure of risks associated with recommended investments
- Proper supervision of all investment activities
When these standards are violated, investors may be entitled to recover their losses through FINRA arbitration.
Time Limits for Taking Action
Investment fraud claims are subject to strict time limitations. FINRA arbitration typically requires claims to be filed within six years of the occurrence, though some circumstances may extend or shorten this timeframe. Don’t delay in seeking professional guidance about your specific situation.
Take Action Today
Haselkorn & Thibaut brings over 50 years of experience representing investors nationwide, with a 98% success rate and millions recovered for clients. Our team understands the complexities of securities fraud cases and works on a contingency basis – meaning no recovery, no fee.
If you’ve suffered investment losses with Jeffrey Gitterman or have concerns about your accounts at Vanderbilt Securities or Gitterman Wealth Management, you deserve answers. Call Haselkorn & Thibaut today at 1-888-885-7162 for a free, confidential consultation. Our experienced securities attorneys will review your situation, explain your legal options, and help you understand the best path forward.
Don’t let concerning patterns in an advisor’s record go unaddressed. Your financial future matters, and you have rights as an investor. Contact us today to learn how we can help protect your interests and potentially recover your investment losses.
