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| Pat Vitucci Vitucci and Associates Complaints Walnut Creek, California |
| 28th of Dec, 2011 by User135470 |
| Investors Sue San Francisco Bay Area Financial Advisor and Radio Personality Pat Vitucci of Pat Vitucci and Associates Over Variable Annuity SalesThree investors have filed a securities arbitration claim against San Francisco Bay Area radio personality and financial advisor Pat Vitucci of Vitucci and Associates and his former employer, SagePoint Financial, Inc., before the Financial Industry Regulatory Authority ("FINRA") in connection with the sale of variable annuities. Email PDF PrintSan Francisco, CA (PRWEB) April 12, 2010The Mauriello Law Firm, APC and the Alcala Law Firm announce the filing of an arbitration claim against Pasquale (“Patâ€) Vitucci and SagePoint Financial, Inc. in connection with the sale of variable annuities to three investors. The arbitration claim is currently pending before the Financial Industry Regulatory Authority (“FINRAâ€) (FINRA Arbitration Case No. 10-1406). Pat Vitucci is the principal of Vitucci & Associates located in Walnut Creek, California. He was formerly a registered representative for AIG Financial advisors, Inc. and is now registered with National Planning Corporation. Pat Vitucci of Vitucci and Associates is best known for dispensing investment advice on San Francisco Bay Area radio stations. At least a dozen customer complaints, lawsuits and arbitration claims have been lodged against Vitucci—all relating to the sale of variable annuities.The high fees, surrender charges and market risk associated with variable annuities make them a poor investment choice for many investors, particularly elderly investors or seniors. Last year FINRA experienced a 161% increase in arbitration claims involving variable annuities compared to the previous year. Concerns by regulators over the sale of variable annuities have led to increased oversight and regulation of the sale, exchange and replacement of variable annuities by broker-dealers. |
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| Met Pat Vitucci at his offices after a seminar in Walnut Creek some years ago. I'm a senior (74) and with slick talking and never speaking the word "annuities"; Vitucci convinced me to sign blank documents left at his office. After I returned home and read papers and information he gave me, I realized he was selling me a variable annuity with AIG. He also wanted me to rollover my entire 401K funds into the investment. When I realized it was an annuity and that he had never described it as such, I immediately called his office to have all my papers immediately returned. I spoke only to his office assistant, a woman who was completely understanding. Vitucci called me and was clearly annoyed with me. I warn you to be careful with this man. I agree with another writer, he and sales associates are trained to prey on the elderly. |
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Pat Vitucci is a liar - a real snake in the grass. I stupidly let him invest $1 million for me - and he assured me that he would only take 0.5% as a fee. Well guess what????????????? In reality he put me into variable annuities and another guess on the fees they were charging me. 3.5% - of a million dollars is not chump change. UNDER NO CIRCUMSTANCES LET HIM HANDLE YOUR FINANCES. You will be very sorry - he will not actually tell you that that is where the money is going but if you smell a variable annuity -GET OUT OF HIS OFFICE now!! I threatened to sue him and guess what - he fired me - not a real surprise.
Truly do not trust this many with you money. |
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