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AARON MICHAEL PUCKETT

AARON MICHAEL PUCKETT is currently employed as a Broker and/or Investment Adviser at LPL FINANCIAL LLC located at 20 LIBERTY ST, SUITE 2D, WESTMINSTER, MD, 21157.

AARON MICHAEL PUCKETT has worked at LPL FINANCIAL LLC since December 09, 2010

Disclosure History

AARON MICHAEL PUCKETT has 1 Disclosure Event(s).

Date: May 25, 2007
Category: Customer Dispute
Allegations: CLIENT INDICATES THE IR SUGGESTED SELLING A METLIFE ANNUITY AND PURCHASING THE HARTFORD EDGE ANNUITY. CLIENT STATES IR INFORMED HER THERE WOULD BE NO TAX LIABILITY, HOWEVER, THIS INFORMATION WAS INCORRECT. CLIENT BELIEVES SHE SHOULD ONLY BE RESPONSIBLE FOR 10-15% TAXES AND EJ AND/OR IR SHOULD BE RESPONSIBLE FOR THE IRS AND MARYLAND TAX REFUNDS SHE WAS DUE, 10% PENALTY AS WELL AS INTEREST AND FINES SHE HAS INCURRED FROM THE IRS AND MARYLAND. CLIENT PROVIDED A LETTER FROM HER CPA WHICH REFLECTED THE ADDITIONAL TAX/PENALTY TO BE $7,975 PLUS THE MARYLAND TAX EFFECT. CLIENT CLAIMS TOTAL LOSSES EXCEED $18,000.
Damage Amount Requested: $18,000.00
Settlement Amount: $15,000.00
Broker Comment: IT IS THE OPINION OF EDWARD JONES THAT THE CLIENT AND/OR HER HEIRS WOULD HAVE EVENTUALLY PAID TAXES ON THE DISTRIBUTION FROM THE ANNUITY. ALTHOUGH CLIENT WAS TAXED AND PENALIZED ON THE ANNUITY DISTRIBUTION, EDWARD JONES BELIEVED IT WAS THE CLIENT'S RESPONSIBILITY TO INFORM THE IR OF THE HISTORY OF THE ANNUITY FUNDS (SPECIFICALLY THAT THE FUNDS WERE INVESTED IN AT LEAST ONE OTHER ANNUITY PRIOR TO THE METLIFE ANNUITY). HOWEVER, AS A RESULT OF THIS INVESTIGATION EDWARD JONES MADE THE DECISION TO OFFER A SETTLEMENT IN THE AMOUNT OF $4,000.00, WHICH WOULD COVER A PORTION OF THE TAXES AND/OR PENALTIES ASSOCIATED WITH THE DISTRIBUTION. CLOSED FILE, AS OF 2/15/07 CLIENT DID NOT ACCEPT OFFER. 5/25/2007 RECEIVED LETTER FROM CLIENT'S ATTORNEY AND FILE WAS AGAIN REVIEWED. A SETTLEMENT IN THE AMOUNT OF $15,000.00 WAS OFFERED TO THE CLIENT AND THE ACCEPTED OUR OFFER ON 8/14/2007.REP COMMENTS: I ALWAYS ACTED WITH THE CLIENTS BEST INTERESTS AT HEART, AND THAT HAD THE CLIENT ADVISED ME OF THE HISTORY OF THE FUNDS, I WOULD HAVE PERFORMED A 1035 EXCHANGE RATHER THAN LIQUIDATING THE OLD ANNUITY. UNFORTUNATELY, EVEN THOUGH THERE WAS A CAPITAL LOSS ON THE ANNUITY THAT WAS LIQUIDATED, I WAS UNAWARE THAT THE ANNUITY WAS FUNDED BY A 1035 EXCHANGE MANY YEARS AGO AND THAT THE BASIS WAS MUCH LESS THAN THE AMOUNT THE CLIENT INVESTED IN THE ANNUITY THAT WAS LIQUIDATED. I CONSULTED WITH THE ANNUITY SERVICE CENTER AT EDWARD JONES THROUGHOUT THE PROCESS, AND THEY ALSO FAILED TO POINT OUT THE POTENTIAL FOR THE COST BASIS TO BE LOWER THAN THE AMOUNT INVESTED. THE CLIENT FAILED TO PROVIDE ME WITH IMPORTANT INFORMATION, THE EDWARD JONES ANNUITY SERVICES DEPARTMENT FAILED TO POINT OUT THE POTENTIAL CAPITAL GAINS, AND I FAILED BY RELYING ON OTHERS TO PROVIDE ME WITH INFORMATION I SHOULD HAVE OBTAINED. WHEN I LEFT EDWARD JONES IN FEBRUARY OF 2007 THE COMPLAINT WAS CLOSED. THE COMPLAINT WAS REOPENED AND EDWARD JONES NEGOTIATED A SETTLEMENT OF WHICH I WAS NOT EVEN AWARE OF UNTIL REFLECTED ON MY U4.

More Information

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