David T. Sippie is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 9118 LACKLAND ROAD, OVERLAND, MO, 63114.
David T. Sippie has worked at EDWARD JONES since September 17, 1996
David T. Sippie has 3 Disclosure Event(s).
Date: May 26, 2010 Category: Customer Dispute Allegations: CLAIMANT ASSERTS THAT EDWARD JONES ALLOWED CLAIMANT'S SON TO DEPLETE CLAIMANT'S ACCOUNT BETWEEN 2006 AND 2008, THROUGH USE OF POWER OF ATTORNEY, WHILE CLAIMANT WAS NO LONGER COMPETENT. (AMOUNT CLAIMED: $344,026 IN COMPENSATORY DAMAGES PLUS LOST OPPORTUNITY COSTS, ATTORNEY FEES, EXPERT FEES, INTEREST, AND PUNITIVE DAMAGES.) Damage Amount Requested: $344,026.00 Settlement Amount: $80,000.00 Broker Comment: MR. SIPPIE WAS NOT NAMED AS A PARTY TO THIS MATTER. SETTLED CLAIM FOR $80,000. (7/20/11)
Date: March 13, 2000 Category: Customer Dispute Allegations: ON 3/30/99 THE CLIENT MOVED $50,000 FROM HIS DEFERRED VARIABLE ANNUITY INTO A NON-DEFERRED HARTFORD ANNUITY. THE CLIENT STATES MR. SIPPIE INFORMED HIM HE WOULD ONLY HAVE TO PAY AROUND 10% IN CAPITAL GAINS TAXES, HOWEVER, THE CLIENT STATES HE OWES THE IRS $12,360 AS A RESULT OF THE MOVE. Damage Amount Requested: $12,000.00 Broker Comment: THE CUSTOMER WAS ADVISED THAT THE IR CLAIMS THE CUSTOMER HAD EXPRESSED CONCERN ABOUT THE LACK OF PERFORMANCE OF THE ANNUITY HE OWNED AND THE POSSIBLITY OF MOVING THE FUNDS TO A DIFFERENT ANNUITY. THE IR CLAIMS HE ADVISED THE CUSTOMER OF THE SURRENDER CHARGE HE WOULD INCUR SO THE CUSTOMER WAITED APPROXIMATELY ONE YEAR UNTIL THERE WAS NO SURRENDER CHARGE. THE IR INDICATES THE CUSTOMER STILL WAS UNHAPPY WITH THE PERFORMANCE OF HIS EXISTING ANNUITY. THE IR CLAIMS HE DID ADVISE THE CUSTOMER HE WOULD BE SUBJECT TO TAXES AS A RESULT OF THE EXCHANGE AND THE CUSTOMER DECIDED TO MOVE $50,000.00 OF THE ANNUITY. THE IR DENIES TELLING THE CUSTOMER THE DISTRIBUTION WOULD ONLY BE TAXED AT 10%. THE CUSTOMER ALSO SIGNED A FORM THAT CLEARLY STATED HE WOULD BE LIABLE FOR TAXES ON THE DISTRIBUTION. OUR POSITION IS THE CUSTOMER WAS ADVISED OF THE TAXABLE NATURE OF THE DISTRIBUTION AND THE IR DID NOT ADVISE HIM THAT IT WOULD BE LIMITED TO 10%. CLAIM DENIED.
Date: May 20, 1998 Category: Customer Dispute Allegations: DAUGHTER OF CUSTOMER CLAIMS IR HAS ENTEREDORDERS IN HER FATHERS ACCOUNT THAT ARE NOT SUITABLE FOR ANINDIVIDUAL THE AGE OF HER FATHER. ALSO QUESTIONS WHY HERFATHERS PORTFOLIO HAD TO BE CHANGED AND QUESTIONS THE NEED FORTHE TRANSACTION. REQUESTS A FULL ACCOUNTING. Broker Comment: AFTER FIRM REVIEW OF TRADES IN QUESTION IT WASDETERMINED PURCHASES DID NOT INVOLVE SPECULATIVE SECURITIES ANDTHEY APPEAR TO BE SUITABLE FOR THE ACCOUNT. THE IR HAD ACCEPTEDTHE INSTRUCTIONS FROM THE ACCOUNT OWNER. THE ACCOUNT WASDIVERSIFIED AND UP IN VALUE. IT WAS DETERMINED IR HAD NOT ACTEDIMPROPERLY. THE AMOUNT OF PURCHASES IN CUSTOMER'S ACCOUNT WAS$51,300.19.
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