Arthur Robert Amundsen is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 21 WEST HIGH STREET, CARLISLE, PA, 17013.
Arthur Robert Amundsen has worked at EDWARD JONES since October 28, 1980
Arthur Robert Amundsen has 1 Disclosure Event(s).
Date: August 22, 2005 Category: Customer Dispute Allegations: CLIENT'S ATTORNEY STATES THAT CLIENT RECEIVED A LUMP SUM DISTRIBUTION OF HER DECEASED HUSBAND'S IRA ACCOUNT IN THE AMOUNT OF $165,000 IN 2001. CLIENT STATES THE IR INFORMED HER SHE COULD TAKE MONTHLY DISTRIBUTIONS PRIOR TO THE AGE OF 59 1/2 WITHOUT PENALTIES FOR EARLY DISTRIBUTION. CLIENT STATES THIS WAS ERRONEOUSLY REPORTED ON HER 1099 THE DISTRIBUTION WAS EXEMPT. CLIENT NOW HAS LEARNED THAT SHE HAS TO AMEND HER TAX RETURNS FOR THE YEARS 2001, 2002, 2003 AND 2004 AND IS SUBJECT TO TAXES, INTEREST AND PENALTIES. CLIENT IS REQUESTING $45,000. Damage Amount Requested: $45,000.00 Broker Comment: IT IS OUR UNDERSTANDING THE CLIENT ELECTED TO TAKE WITHDRAWALS FROM THE IRA ACCOUNT USING THE 72(T) RULE. IR HAS INDICATED THAT HE INFORMED THE CLIENT OF THE REQUIREMENTS OF THE RULE INCLUDING THAT THE CLIENT WOULD HAVE BEEN REQUIRED TO RECEIVE AT LEAST ONE SYSTEMATIC DISTRIBUTION FOR FIVE YEARS OR UNTIL SHE REACHED THE AGE OF 59 1/2, WHICHEVER IS THE LONGER PERIOD. IT IS OUR UNDERSTANDING WHEN THE CLIENT DECIDED TO TRANSFER HER ACCOUNT FROM OUR FIRM, SHE INSTRUCTED THE IR TO LIQUIDATE HER ACCOUNT AND SEND THE PROCEEDS. OUR RECORDS INDICATE THIS TRANSACTION OCCURRED ON AUGUST 5, 2002. IR HAS ALSO INDICATED THAT PRIOR TO AUGUST 5 DISTRIBUTION, HE INFORMED THE CLIENT THAT THE IRS WAS ALLOWING A ONE-TIME REDUCTION OF 72(T) IF THE STRICT IRS GUIDELINES WERE FOLLOWED. AS TO THE NOTE REGARDING THE CHANGE IN DISTRIBUTION CODES, WHEN THE 72(T) WAS BROKEN WITH THE 2002 DISTRIBUTION, OUR FIRM WOULD HAVE BEEN REQUIRED TO CHANGE THE REPORTING FOR THAT YEAR. IT IS OUR BELIEF IT WOULD HAVE BEEN THE RESPONSIBILITY OF THE CLIENT AND HER NEW INVESTMENT REPRESENTATIVE TO CONTINUE WITH THE 72(T) DISTRIBUTIONS TO AVOID THE IRS PENALTIES. BASED ON OUR INVESTIGATION, IT APPEARS THE IR FOLLOWED THE INSTRUCTIONS OF THE CLIENT AND PROVIDED HER WITH THE NECESSARY INFORMATION REGARDING THE RULE, AND THEREFORE, THE CLIENT'S REQUEST FOR COMPENSATION IS RESPECTFULLY DENIED.
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