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Jimmy Odell Trolinder

Jimmy Odell Trolinder is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 1121 MECHEM DRIVE, RUIDOSO, NM, 88345.

Jimmy Odell Trolinder has worked at EDWARD JONES since August 31, 1998

Disclosure History

Jimmy Odell Trolinder has 1 Disclosure Event(s).

Date: December 10, 2004
Category: Customer Dispute
Allegations: CLIENT ALLEGES THE IR COST HIM APPROXIMATELY $57,000.00 IN INCOME TAX AND COMMISSIONS AS A RESULT OF TRANSACTIONS THAT WERE COMPLETED IN JANUARY THROUGH MARCH OF 2003. CLIENT STATES HE WAS INFORMED WITHDRAWALS FROM HIS ACCOUNT WOULD NOT BE TAXED AND ALLEGES AN ANNUITY WAS LIQUIDATED IN THE ACCOUNT AND REINVESTED WHICH RESULTED IN ADDITIONAL TAX CONSEQUENCES. CLIENT ALSO ALLEGES HIS CPA DISCOVERED THE ACCOUNT WAS CHURNED AND FURTHER ALLEGES HE DID NOT AUTHORIZE LIQUIDATING THE ANNUITY OR EXCHANGING FUNDS.
Damage Amount Requested: $57,000.00
Broker Comment: ACCORDING TO THE IR, THE COMPLAINANT HAS BEEN HIS CLIENT SINCE 1982. THE IR HAS INDICATED THE ANNUITY IN QUESTION WAS PURCHASED IN OCTOBER 1995 (PRIOR TO HIS EMPLOYMENT WITH FIRM). THE IR HAS FURTHER INDICATED HE EXPLAINED THE REASONS HE WAS SUGGESTING THE SURRENDER OF THE ANNUITY TO INCLUDE THE TAXES INCURRED ON PREVIOUS WITHDRAWALS, THE OVERALL PORTFOLIO, THE DEATH BENEFIT AND THE EXPENSES ASSOCIATED WITH THE ANNUITY. IT IS UNDERSTOOD THE CLIENT AGREED WITH HIS SUGGESTION AND THE ANNUITY WAS SURRENDERED ON JANUARY 7, 2003. AS THE ANNUITY HAD PERFORMED VERY WELL, THERE WERE TAX CONSEQUENCES ASSOCIATED WITH THE SURRENDER. ACCORDING TO OUR RECORDS, THE ANNUITY PROCEEDS WERE UTILIZED TO PURCHASE MUTUAL FUNDS ON JANUARY 15, 2003. THE PURCHASES IN AMERICAN FUNDS QUALIFIED FOR BREAKPOINTS (I.E. A REDUCED SALES CHARGE). SOME OF THE MUTUAL FUNDS WERE SUBSEQUENTLY EXCHANGED FOR DIFFERENT FUNDS WITHIN THE SAME FUND FAMILY. THE EXCHANGES WERE COMPLETED AT NET ASSET VALUE (I.E. NO SALES CHARGES WERE INCURRED). OUR RECORDS INDICATE THE CLIENT SIGNED A PARTIAL WITHDRAWAL OR SURRENDER REQUEST FOR THE ANNUITY ON JANUARY 3, 2003. AT THE TIME OF THE INITIAL MUTUAL FUND PURCHASES, THE CLIENT RECEIVED TRADE CONFIRMATIONS AS WELL AS THE APPROPRIATE PROSPECTUSES. SINCE THE PURCHASES, THE CLIENT HAS RECEIVED STATEMENTS, WHICH PROVIDE INFORMATION REGARDING THE INVESTMENTS HELD IN THE ACCOUNT AS WELL AS REFLECTING ACCOUNT ACTIVITY (INCLUDING EXCHANGES). BASED ON OUR REVIEW, IT IS OUR OPINION ALL TRANSACTIONS EFFECTED IN THE ACCOUNT WERE AUTHORIZED. FURTHERMORE, WE FIND NO EVIDENCE TO SUPPORT THE CLIENT'S ALLEGATION OF CHURNING. CLAIM DENIED.

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