CATHY DAVIES-HARMON is currently employed as a Broker and/or Investment Adviser at MORGAN STANLEY located at 55 CASCADE LANE, REHOBOTH BEACH, DE, 19971.
CATHY DAVIES-HARMON has worked at MORGAN STANLEY since June 01, 2009
Disclosure History
CATHY DAVIES-HARMON has 3 Disclosure Event(s).
Date: May 15, 2003 Category: Customer Dispute Allegations: CUSTOMERS ALLEGE FA MISMANAGED AND TRADED EXCESSIVELY THEIR ACCOUNTS. Damage Amount Requested: $234,003.07 Broker Comment: "CATHY DAVIES-HARMON DENIES THAT SHE MISMANAGED ACCOUNTS FOR THE CUSTOMERS, OR THAT SHE ENGAGED IN EXCESSIVE TRADING IN THEIR ACCOUNTS. MS. DAVIES-HARMON ALSO ASSERTS THAT THE CUSTOMERS ANTONIO DEMANDED EXCESSIVE DISTRIBUTIONS FROM THEIR ACCOUNTS, AGAINST HER ADVISE."
Date: May 17, 2001 Category: Customer Dispute Allegations: CUSTOMER ALLEGES FINANCIAL ANALYST DID NOT PROPERLY ADVISE HER OF TAX PENALTIES IMPOSED ON IRA DISTRIBUTIONS MADE BY INDIVIDUALS UNDER THE AGE OF 59 1/2. Broker Comment: I EXPRESSLY ADVISED THE CLIENT THAT SHE WOULD NOT BE SUBJECT TO ADDITIONAL 10 PERCENT TAX FOR WITHDRAWAL FROM HER QUALIFIED RETIREMENT PLAN AS LONG AS THE WITHDRAWAL PER YEAR WAS WITHIN THE PERMISSIBLE RANGE AND REMAINED CONSTANT YEAR TO YEAR FOR AT LEAST 5 YEARS AND UNTIL SHE REACHED THE AGE OF 59 1/2. INTERNAL REVENUE CODE SECTION 72(T). THE RANGE OF POTENTIAL RATES OF WITHDRAWAL, AND THEIR AFFECT ON THE CLIENT'S IRA ACCOUNT, WERE EXPLAINED, INCLUDING PRINTOUTS USING THE MERRILL LYNCH PRESENTATION FORMAT FOR RETIREMENT PLANS. I ALSO ADVISED THE CLIENT TO CONSULT HER ACCOUNTANT. THE CLIENT CHOSE A RELATIVELY HIGH ANNUAL WITHDRAWAL; EVEN SO, HER PRINCIPAL GREW EACH YEAR FROM 1996 UNTIL 2000, WHEN IT DECLINED 10 TO 15 PERCENT (ACCOUNTED FOR ENTIRELY OR ALMOST ENTIRELY BY HER WITHDRAWAL). ACCORDINGLY, THERE IS NO BASIS FOR THIS COMPLAINT.
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