Articles Tagged with National Planning

shutterstock_76996033-300x200According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) former advisor Dexter Thomas (Thomas), formerly associated with United Planners Financial Services of America LP (United Planners) in Dallas, Texas has been accused by his former firm over unapproved securities and making client loans.  In addition, Thomas has 19 customer complaints on his record – most of which relate to the unapproved activities.

In August 2018 United Planners terminated Thomas stating that he affiliated with the firm in late-2017.  A short period of time later, the Thomas passed away. The firm claimed that immediately before his death, Thomas disclosed that he was involved with a number of private loans or private investments with individuals which private loans or investments were neither disclosed to, nor approved by, the firm. After Thomas’ death customers have claimed that Thomas did not return all of the funds privately loaned to or invested.

At this time it is unclear the nature or scope of the alleged outside business activities (OBAs) and private securities transactions.  Thomas’ public disclosures state that his securities activity was conducted through a d/b/a – Dexter Thomas Financial Services, LLC.

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shutterstock_128856874According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Pasquale “Pat” Vitucci (Vitucci) has been the subject of at least 19 customer complaints over the course of his career. Customers have filed complaints against Vitucci alleging that the broker made unsuitable investments primarily in variable annuity related products. Other claims concerning Vitucci’s handling of customer accounts include allegations of misrepresentations, breach of fiduciary duty, churning, and fraud. In total investors have complained of over $1 million in losses.

Vitucci has been registered with FINRA since 1992. From October 2005 until October 2008, Vitucci was registered with AIG Financial Advisors, Inc. Thereafter, Vitucci has been associated with National Planning Corporation (National Planning). According to public records Vitucci operates out of a DBA business called Vitucci & Associates Insurance Services.

All advisers have a fundamental responsibility to deal fairly with investors including making suitable investment recommendations. Thus, the product or investment strategy being recommended must be appropriate for the investor and the advisers must convey the potential risks and rewards before bringing it to an investor’s attention.