According to FINRA’s BrokerCheck, Pasquale Vitucci (CRD No. 29604) has been the subject of at least nineteen customer complaints alleging that he made unsuitable investments, primarily in variable annuity related products. Additional claims involving Vitucci include allegations of misrepresentations, breach of fiduciary duty, churning and fraud. In total investors have complained of over $1 million in investment losses.
Over the last several years the notoriety of annuities have grown and annuities are often the subject of sales practice complaints. The reason for this is simple, annuities are often sold to customers because the selling commission is among the highest of all financial products available for sale to retail customers and because the commission is paid by the insurance company directly to the broker. The high commissions stockbrokers generate on variable annuities is just one of the reasons why annuities are recommended to customers. Annuities also provide a steady stream of commissions and sales charges to both the broker and the insurance company. Indeed, stockbrokers who sell annuities are often also paid an ongoing trailing commission. Annuities are also laden with administrative fees and mutual fund sub-account management fees.
According to public records Vitucci operates out of a DBA business called Vitucci & Associates Insurance Services. He has been an active broker for 22 years with the following member firm(s):
NATIONAL PLANNING CORPORATION
CRD # 29604
WALNUT CREEK, CA & SAN JOSE, CA
10/2008 – PRESENT
AIG FINANCIAL ADVISORS, INC.
CRD # 133763
WALNUT CREEK, CA
10/2005 – 10/2008
SUNAMERICA SECURITIES, INC.
CRD # 20068
PHOENIX, AZ
7/2000 – 10/2005
SECURITIES AMERICA, INC.
CRD # 10205
LAVISTA, NE
5/1994 – 7/2000
CALIFORNIA ONE INVESTMENTS
CRD # 27037
12/1992 – 6/1994
The Securities Law Firm of Hanley Law is experienced in helping investors who have been victims of negligent misrepresentations and fraud related to the solicitation or sale of variable annuities, index annuities, fixed annuities, variable life insurance and other insurance products. If a broker failed to discuss with you the risks of variable annuities or other insurance products or if the type of investment was unsuitable for you given your age, financial situation, and other factors, you may be able to recover your financial losses.
If you have suffered investment losses as a result of your broker’s or brokerage firm’s misconduct, contact the Hanley Law to discuss your legal options. The Hanley Law is dedicated to helping investors who have been victims of securities fraud. If you have lost money as a result of securities fraud, you may be entitled to recover your investment losses. Contact our office toll free at (239) 649-0050 for a free initial consultation.