Jon Brownfield is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 1210 EBENEZER ROAD, ROCK HILL, SC, 29732-2341.
Jon Brownfield has worked at EDWARD JONES since April 25, 1986
Jon Brownfield has 2 Disclosure Event(s).
Date: February 22, 2011 Category: Customer Dispute Allegations: CLAIMANT ALLEGES THAT FA AND EDWARD JONES BREACHED THEIR DUTIES BY TRICKING PLAINTIFF'S DECEASED HUSBAND, A CLIENT OF THE FIRM, INTO MAKING IMPORTANT FINANCIAL DECISIONS WITHIN A WEEK OF HIS PASSING. CLAIMANT ALLEGES THAT FA ANDEDWARD JONES LIQUIDATED PLAINTIFF'S HUSBAND'S ANNUITY, WHICH WAS UNSUITABLE BASED ON DECEDENT'S AGE AND INVESTMENT NEEDS. (DAMAGES SOUGHT: $150,000 FOR FRAUD, BREACH OF FIDUCIARY DUTY, NEGLIGENT MISREPRESENTATION, NEGLIGENCE/GROSS NEGLIGENCE, FRAUD IN THE INDUCEMENT, VIOLATION OF SOUTH CAROLINA ADULT PROTECTION ACTS, SELF DEALING, UNFAIR TRADE PRACTICES). Damage Amount Requested: $150,000.00 Settlement Amount: $50,000.00 Broker Comment: SETTLED FOR $50,000.
Date: December 15, 2009 Category: Customer Dispute Allegations: 9/00/09-9/11/09; WHEN THE ANNUITANT PASSED AWAY, THE BENEFICIARY CLAIMS SHE WAS NOT INFORMED OF THE DIFFERENT OPTIONS ON THE FIVE ANNUITY CONTRACTS. SHE CLAIMS THE ONLY OPTION PROVIDED TO HER WAS A LUMP SUM DISTRIBUTION. SHE ALSO CLAIMS SHE DID NOT RECEIVE ALL THE PAGES OF THE DISTRIBUTION REQUEST PRIOR TO SIGNING. SHE CLAIMS SHE WAS NOT ADVISED OF THE POTENTIAL TAX CONSEQUENCES. *****LITIGATION: CLAIMANT, PERSONAL REPRESENTATIVE OF ESTATE, ALLEGES THAT FA AND EJ BREACHED THEIR DUTIES BY FAILING TO FULLY ADVISE ON INVESTMENT OPTION ON ANNUITY. CLAIMANT ALLEGES THAT FA'S ADVICE TO TAKE A LUMP SUM DISTRIBUTION RESULTED IN $128,000 TAX CONSEQUENCE. (DAMAGES SOUGHT: UNSPECIFIED DAMAGES FOR FRAUD, BREACH OF FIDUCIARY DUTY, NEGLIGENT MISREPRESENTATION, NEGLIGENCE/GROSSNEGLIGENCE, CONVERSION, ELDER ABUSE, SELF DEALING, UNFAIR TRADE PRACTICES, INTENTIONAL INFLICTION OF EMOTIONAL DISTRESS, FRAUD, RESCISSION, FOR COSTS AND FOR ATTORNEYS' FEES.) Damage Amount Requested: $5,000.00 Settlement Amount: $86,000.00 Broker Comment: ACCORDING TO THE FA, HE MET WITH THE CLIENT AND HER SON ON SEPTEMBER 10, 2009. THE ANNUITY PAPERWORK WAS FILLED OUT AT THE MEETING. THE FA INDICATES HE REVIEWED THE ANNUITY LIQUIDATION PAPERWORK AS WELL AS THE OTHER OPTIONS THE CLIENT HAD HAD IN REGARD TO THE ANNUITY. THE FA INDICATES HE DISCUSSED WITH THE CLIENT THE POTENTIAL TAX LIABILITY. HE INDICATES HE ALSO REVIEWED THE POSSIBILITY ABOUT OFFSETTING SOME OF THE POTENTIAL TAX LIABILITIES THROUGH CHARITABLE DONATIONS. IN AN EMAIL FROM THE CLIENT'S OTHER SON TO HER NEW FA, HE STATES THE CLIENT WAS INFORMED THE DEATH BENEFIT WOULD BE TREATED AS ORDINARY INCOME. THE FA STATES HE DISCUSSED WITH THE CLIENT THE DISPARITY BETWEEN THE COST BASIS AND DEATH BENEFIT. WE ARE RESPECTFULLY DENYING A REQUEST FOR REIMBURSEMENT OF POTENTIAL TAXES ON THE LIQUIDATED CONTRACTS. LITIGATION: SETTLED FOR $86,000.
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