JOSEPH GERARD DIGIACOMO is currently employed as a Broker and/or Investment Adviser at WELLS FARGO CLEARING SERVICES, LLC located at 131 CONTINENTAL DRIVE STE 102, CHRISTIANA EXECUTIVE CAMPUS, NEWARK, DE, 19713.
JOSEPH GERARD DIGIACOMO has worked at WELLS FARGO CLEARING SERVICES, LLC since January 01, 2008
Disclosure History
JOSEPH GERARD DIGIACOMO has 1 Disclosure Event(s).
Date: December 17, 2008 Category: Customer Dispute Allegations: ATTORNEY ON BEHALF OF NEW JERSEY STATE RESIDENTS STATED IN WRITING THAT CLIENTS' FA DID NOT FOLLOW THE CUSTOMERS' INSTRUCTIONS TO FUND ASSETS IN A COLLATERAL ACCOUNT WITHOUT TRIGGERING A TAX LIABILITY IN 2008. THE ATTORNEY STATED HIS CLIENTS HAVE INCURRED A $38,000 TAX LIABILITY. Damage Amount Requested: $38,000.00 Broker Comment: THE FA HAD SEVERAL IN-PERSON MEETINGS WITH CUSTOMER. CUSTOMER STATED HE WANTED TO MOVE TO HOME WITHOUT STAIRS, AND FA RECOMMENDED WACHOVIA FOR MORTGAGE. CUSTOMER INFORMED FA THAT WACHOVIA COULD NOT DO MORTGAGE BECAUSE NEW HOME WAS MODULAR. FA RECOMMENDED AALOC ACCOUNT, BUT CUSTOMER REFUSED TO FUND WITH EQUITIES BECAUSE RESTRICTION OF TRADING. CUSTOMER PROVIDE $50K CASH AND USED IRA ASSETS TO FUND COLLATERAL ACCOUNT. FA ADVISED CUSTOMER TO CONSULT CPA AND ATTORNEY. CUSTOMER BELIEVED HE WOULD BE ABLE TO RETURN FUNDS W/IN 60 DAYS AND SELL TOWNHOUSE. CUSTOMER FAILED TO SELL HOME, BUT FA DID NOT FAIL TO PROPERLY ADVISE AND DID NOT MAKE RECOMMENDATION TO FUND WITH IRA ASSETS. THE COMPLAINT IS DENIED.**FA'S RESPONSE: THE CLIENT AUTHORIZED AND UNDERSTOOD THE TAX LIABILITIES AND ALSO KNOW THE MONEY NEEDED TO BE RETURNED TO IRA WITHIN 60 DAYS. THE CLIENT WAS ADVISED TO CONTACT ATTORNEY AND CPA AT VARIOUS TIMES AND DID NOT FOLLOW THE INSTRUCTIONS NEEDED TO AVOID THE TAX LIABILITY. THE CUSTOMER WAS FURTHER ADVISED WE DO NOT PROVIDE TAX OR LEGAL ADVICE. THE CUSTOMER HAS BEEN A CLIENT FOR OVER 15 YEARS.
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