DANIEL RAYMOND PURCELL is currently employed as a Broker and/or Investment Adviser at INFINITY FINANCIAL SERVICES located at 524 Ludington Street, Suite 205, Escanaba, MI, 49829.
DANIEL RAYMOND PURCELL has worked at INFINITY FINANCIAL SERVICES since December 08, 2017
Disclosure History
DANIEL RAYMOND PURCELL has 2 Disclosure Event(s).
Date: June 30, 2011 Category: Financial Type: Bankruptcy Disposition: Discharged
Date: November 17, 2006 Category: Customer Dispute Allegations: CLIENT CLAIMS THEY PROCESSED A ROLLOVER FROM THEIR IRA ANNUITIES INTO EDWARD JONES WHICH WAS NOT TO BE PLACED IN A QUALIFIED RETIREMENT FUND. CLIENTS CLAIM THIS WAS NOT DONE & THEY WILL BE SUBJECT TO HEAVY TAXES. CLIENTS CLAIM THEY WOULD HAVE NEVER AGREED TO MOVE THIS MONEY IF IT WOULD CREATE A TAXABLE SITUATION. POSSIBLE LOSSES EXCEED $5,000.00. Damage Amount Requested: $5,000.00 Broker Comment: EDWARD JONES HAS MAINTAINED ALL DOCUMENTATION OF TRANSFERS. FROM MEMORY ONLY I RECALL THE REQUEST FOR TRANSFER. UPON RECEIPT OF A COPY OF ANNUITY STATEMENT IT WAS DISCOVERED THAT THE ANNUITY WAS QUALIFIED. CORRECT DOCUMENTS WERE COMPLETED TO REFLECT THIS INFORMATION & PROCESS THE TRANSFER AS QUALIFIED TRANSFER. TAX CONSEQUENCE COULD HAVE BEEN W/ TAX RETURN PREPARATION. BASED UPON LIMITED INFO. PROVIDED BY EDWARD JONES, WHO HAS POSSESSION OF ALL FILES & RECORDS FOR THE [CUSTOMERS], IT APPEARS THAT THE FUNDS WERE PROVIDED INDIRECTLY THRU PERSONAL CHECKS. I HAVE NO RECOLLECTION OF THIS TRANSACTION. HAD I BEEN INFORMED OF THE SOURCE OF FUND (COMING FROM QUALIFIED PLAN) STANDARD POLICY & PROCEDURES WOULD HAVE BEEN FOLLOWED & I WOULD HAVE EXPLAINED THE TAX CONSEQUENCES TO THE CLIENT. THE RECEIPT OF THE CHECKS COULD HAVE BEEN COMPLETED BY SOMEONE OTHER THAN MYSELF IN THE BRANCH OFFICE. INFORMATION SUBMITTED ON U-5 IS CORRECT TO THE BEST OF MY KNOWLEDGE.
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