National Planning Corp Sued For Breach Of Fiduciary Duty

Pasquale Vitucci (also known as Pat Vitucci) of Walnut Creek California a stockbroker formerly registered with National Planning Corporation is the subject of a customer initiated investment related arbitration claim where the customer sought $1,350,000.00 in damages based upon accusations that a fiduciary duty was breached by Vitucci in regard to a variable annuity transaction. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-03620 (Jan. 7, 2020). According to the claim, Vitucci’s activities lacked reasonable supervision from National Planning Corporation. The claim also alleges negligence and breach of contract.

FINRA Public Disclosure reveals that Vitucci has been identified in nineteen additional customer initiated investment related disputes containing allegations of Vitucci’s misconduct while employed by securities broker dealers including AIG Financial Advisors and National Planning Corporation. A customer filed an investment related arbitration claim involving Vitucci’s conduct in which settled for $165,000.00 in damages based upon allegations that the customer had been defrauded and that the customer’s investment account had been churned. According to the claim, there was a breach of a fiduciary duty by the stockbroker and a violation of California Corporations Code. The claim also alleges omissions and negligence by Vitucci.

Another customer filed an investment related complaint concerning Vitucci’s activities where the customer sought $49,081.00 in damages founded on accusations that the customer was provided with misleading information by the stockbroker and that misrepresentations were made in regard to a variable annuity sale. According to the complaint, the customer was provided with bad advice by Vitucci while he was employed by National Planning Corporation. Vitucci has also been identified in a customer initiated investment related arbitration claim which was settled to resolve accusations of misleading or misrepresented information having been provided by Vitucci in reference to the National Planning Corporation customer’s mutual fund transactions.

Another customer filed an investment related complaint pertaining to Vitucci’s conduct in which the customer requested more than $5,000.00 in damages supported by allegations that the customer was placed into an inappropriate annuity which had poorly performed. The claim also alleges that misrepresentations had been made by the stockbroker and that the customer was overcharged. The stockbroker has been referenced in yet another customer initiated investment related complaint in which the customer requested more than $5,000.00 in damages supported by allegations that the customer had been placed into unsuitable investments during the period in which Vitucci was employed by National Planning Corporation.

Vitucci’s employment with National Planning Corporation was terminated on June 15, 2017. Since June 14, 2017, he has been associated with United Planners’ Financial Services of America A Limited Partner.