Three San Francisco residents – all brothers – have filed a securities arbitration claim against San Francisco Bay Area radio personality and financial advisor Pat Vitucci and his former employer, SagePoint Financial, Inc. in connection with the sales of variable annuities.

The Mauriello Law Firm, APC and the Alcala Law Firm announce the filing of an arbitration claim against Pasquale ("Pat") 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 ("FINRA") (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 SagePoint Financial, Inc., and is now registered with National Planning Corporation. Pat Vitucci 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 sales 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.

For more information, contact:
Thomas D. Mauriello
The Mauriello Law Firm, APC
350 Sansome Street, Suite 400
San Francisco, CA 94104
(415) 677–1238
www.maurlaw.com

Brett A. Alcala
The Alcala Law Firm
177 Bovet Road, Sixth Floor
San Mateo, CA 94402
(650) 343–4424
www.alcala–law.com