Daniel A. Geffre is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 1300 GATEWAY DRIVE SOUTHWEST, FARGO, ND, 58103.
Daniel A. Geffre has worked at EDWARD JONES since August 17, 1993
Disclosure History
Daniel A. Geffre has 1 Disclosure Event(s).
Date: August 01, 2005 Category: Customer Dispute Allegations: THE CLIENT ALLEGES HE INSTRUCTED THE IR TO LIQUIDATE INVESTMENTS THAT WOULD NOT HAVE ANY PENALTIES AND/OR TAX CONSEQUENCES. CLIENT STATES HE SUBSEQUENTLY RECEIVED A 1099 WHICH REFLECTED A TAX LIABILITY AS WELL AS A PENALTY FOR AN EARLY DISTRIBUTION. CLIENT IS REQUESTING A REIMBURSEMENT OF $5,618.00 WHICH REPRESENTS THE DIFFERENCE IN TAX LIABILITY. Damage Amount Requested: $5,618.00 Broker Comment: THE IR HAS INDICATED THE CLIENTS CONTACTED HIM IN JUNE 2004 REQUESTING INFORMATION REGARDING THE AMOUNT OF MONEY THAT COULD BE WITHDRAWN FROM THE ACCOUNTS "PENALTY FREE". THE IR HAS INDICATED, AT THAT TIME, HE PROVIDED THE CLIENTS WITH THE INFORMATION REQUESTED AND ALSO EXPLAINED ANY WITHDRAWALS FROM THE TRADITIONAL IRAS WOULD RESULT IN TAX CONSEQUENCES. THE IR HAS FURTHER INDICATED THE CLIENTS CONTACTED HIM ON JULY 28, 2004 AT WHICH TIME IT WAS REQUESTED ALL ASSETS HELD IN THE JOINT REGISTRATION ACCOUNT BE LIQUIDATED AS WELL AS THE "FREE" PORTION OF THE ANNUITY. THE IR HAS STATED HE RECEIVED AUTHORIZATION TO LIQUIDATE THE ROTH IRA ACCOUNTS ON AUGUST 2, 2004. THE IR HAS ALSO STATED HE WAS CONTACTED ON AUGUST 18, 2004 AND WAS INSTRUCTED TO TRANSFER THE BALANCES OF ALL OF THE IRA ACCOUNTS TO THE JOINT REGISTRATION ACCOUNT. THE IR QUESTIONED IF THE CLIENTS WANTED TO HAVE TAXES WITHHELD FROM THE TRADITIONAL IRA DISTRIBUTIONS AND THEY ELECTED TO HAVE NO TAXES WITHHELD. AT THE TIME OF THE TRANSACTIONS, THE CLIENTS RECEIVED TRADE CONFIRMATIONS WHICH PROVIDED DETAILS OF SAID TRANSACTIONS. IN ADDITION, THE CLIENTS HAVE RECEIVED STATEMENTS THAT PROVIDE INFORMATION REGARDING THE INVESTMENTS HELD IN THE ACCOUNTS AS WELL AS REFLECTING ACCOUNT ACTIVITY. FURTHERMORE, IT APPEARS THE CLIENTS WERE ADVISED OF THE POTENTIAL TAX CONSEQUENCES OF TAKING DISTRIBUTIONS FROM THE TRADITIONAL IRAS, BUT ELECTED TO DO SO ANYWAY. THE IR HAS INDICATED HE RECOMMENDED THE CLIENTS CONSULT WITH THEIR TAX PROFESSIONAL REGARDING POSSIBLE TAX CONSEQUENCES. BASED ON OUR REVIEW, IT IS OUR OPINION; ALL ACTIVITY IN THE ACCOUNT WAS COMPLETED WITH THE CLIENTS KNOWLEDGE AND AUTHORIZATION. CLAIM DENIED.
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