Haselkorn & Thibaut has opened an investigation into Jason Pitts, a financial advisor currently registered with Wells Fargo Advisors in Ashburn, Virginia. With over three decades in the securities industry, Pitts recently faced a significant investor complaint alleging unauthorized transactions, raising important questions for current and former clients about their investment accounts.
Understanding the Recent Complaint Against Jason Pitts
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In September 2025, an investor filed a complaint against Jason Pitts (CRD# 2150845) alleging that he “sold an unauthorized and unsuitable variable annuity contract” while representing Cambridge Investment Research. The complaint sought damages of $175,567, though the firm ultimately denied it.
While a denied complaint doesn’t automatically indicate wrongdoing, it’s crucial for investors to understand what this means for their investments. Unauthorized transactions represent one of the most serious violations in the financial services industry, as they breach the fundamental trust between advisors and their clients.
Red Flags Investors Should Consider
When evaluating your relationship with any financial advisor, including Jason Pitts at Wells Fargo Advisors, watch for these warning signs:
- Unexplained account activity – transactions you didn’t authorize or don’t understand
- Variable annuity purchases – these complex products often carry high fees and may not suit all investors
- Lack of communication – your advisor doesn’t explain trades or respond to questions
- Pressure to make quick decisions – legitimate advisors give clients time to consider investments
- Documentation issues – missing or altered paperwork regarding your investments
The Significance of Unauthorized Trading Allegations
Unauthorized trading occurs when a financial advisor executes transactions without proper client consent. This practice violates fundamental securities regulations and can result in significant financial losses for investors. The allegation against Pitts specifically mentions an unauthorized variable annuity sale, which deserves particular attention.
Variable annuities are complex investment products that combine insurance features with investment options. They often include:
| Feature | Potential Concern |
|---|---|
| High fees | Can significantly reduce investment returns |
| Surrender charges | Penalties for early withdrawal can be substantial |
| Complex terms | Difficult for average investors to fully understand |
| Limited liquidity | Money may be locked up for years |
Jason Pitts’ Professional Background
Understanding an advisor’s history helps investors make informed decisions. Jason Pitts brings 32 years of securities industry experience to his current role at Wells Fargo Advisors, where he’s been registered since July 2024. His extensive career includes positions at numerous firms:
- Cambridge Investment Research (where the complaint originated)
- AXA Advisors
- ING Financial Partners
- SunTrust Investment Services
- Wachovia Securities
- Merrill Lynch
Pitts holds 41 state licenses and has passed five securities industry qualifying exams, including the Series 7 and Series 65, demonstrating comprehensive knowledge of securities laws and investment advisory practices.
What This Means for Wells Fargo Advisors Clients
If you’re currently working with Jason Pitts at Wells Fargo Advisors or were previously his client at Cambridge Investment Research, now is the time to review your account statements carefully. Look for any transactions you don’t recognize or investments that seem inconsistent with your financial goals and risk tolerance.
Consider these action steps:
- Review all account statements from the past several years
- Document any concerns about unauthorized trades or unsuitable investments
- Gather all correspondence with your advisor
- Calculate any losses from questionable investments
- Seek professional guidance about your legal options
Your Rights as an Investor
Every investor has the right to authorize all transactions in their account and receive suitable investment recommendations. When advisors violate these rights, investors may be entitled to recover their losses through FINRA arbitration.
The securities industry operates under strict regulations designed to protect investors. Financial advisors must obtain explicit authorization before executing trades, especially for complex products like variable annuities. They must also ensure that all recommendations align with their clients’ investment objectives, risk tolerance, and financial circumstances.
Taking Action to Protect Your Investments
If you’ve experienced unexplained losses, unauthorized trades, or unsuitable investment recommendations from Jason Pitts at Wells Fargo Advisors or any previous firm, you don’t have to navigate this situation alone. Understanding your rights and options is the first step toward protecting your financial future.
Haselkorn & Thibaut specializes in helping investors recover losses from advisor misconduct. With over 50 years of experience, a 98% success rate, and millions recovered for clients nationwide, the firm operates on a no recovery, no fee basis, ensuring you can pursue justice without upfront costs.
Don’t wait to address concerns about your investments. Call Haselkorn & Thibaut today at 1-888-628-5590 for a free consultation about your situation. Their experienced team can review your case, explain your options, and help you understand the best path forward to protect your financial interests.
