Jason Pitts: $175K Complaint Against Former Cambridge Advisor Denied

A recent, denied investor complaint against Ashburn, Virginia financial advisor Jason Pitts (CRD# 2150845) alleged that he made an unauthorized transaction. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Wells Fargo Advisors, having previously been registered with Cambridge Investment Research.

Mr. Pitts’ BrokerCheck report discloses one recent investor complaint. Filed in September 2025, it alleged that as a representative of Cambridge Investment Research, he “sold an unauthorized and unsuitable variable annuity contract.” The complaint alleged damages of $175,567 and was denied by the firm.

Investors should be aware that securities industry rules and standards prohibit representatives like Mr. Pitts from effecting trades without a customer’s authorization. FINRA Rule 3260, for example, outlines certain conditions under which brokers can make discretionary trades, while forbidding the use of discretion without the customer’s prior written authorization and a firm’s written approval of the account as discretionary. FINRA Rule 2010, meanwhile, requires brokers to “observe high standards of commercial honor and just and equitable principles of trade,” which generally means that they may not perform unauthorized transactions. Brokers who violate these rules may be held liable for damages.

According to the Financial Industry Regulatory Authority, Jason Pitts holds 32 years of securities industry experience. Based in Ashburn, Virginia, he has been registered as a broker and an investment advisor with Wells Fargo Advisors since July 2024. His past registrations include Cambridge Investment Research, AXA Advisors, ING Financial Partners, SunTrust Investment Services, Wachovia Securities, Salomon Smith Barney, Merrill Lynch, RAF Financial Corporation, Josephthal Lyon & Ross, and Tamaron Investments. His credentials include the passage of five securities industry qualifying exams: the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the General Securities Principal Examination, or Series 24. He holds 41 state licenses. (Information current as of October 8, 2025.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.