MICHAEL PAUL O'KEEFE is currently employed as a Broker and/or Investment Adviser at AMERIPRISE FINANCIAL SERVICES, INC. located at 775 US ROUTE 1, SUITE 2, YORK, ME, 03909.
MICHAEL PAUL O'KEEFE has worked at AMERIPRISE FINANCIAL SERVICES, INC. since October 18, 1985
Disclosure History
MICHAEL PAUL O'KEEFE has 2 Disclosure Event(s).
Date: March 29, 2002 Category: Customer Dispute Allegations: CLAIMANTS ALLEGE THAT I GAVE THEM INACCURATE TAX ADVICE WHICH CAUSED THEM TO PAY EXCESS TAXES IN THE AMOUNT OF $48239.00 AND ALSO REQUESTE $42500.00 FOR MARKET LOSSES AND NEGLIGENT ADVICE. AEFA AND I ADEMANTLY DENY CLAIMANTS CLAIMS AND WE INTEND TO VIGOROUGLY DEFEND THIS MATTER. Damage Amount Requested: $90,739.00 Settlement Amount: $48,500.00 Broker Comment: AEFA SETTLED WITH THE CLIENTS FOR $48500.00 IN ORDER TO AVOID THE COSTS ASSOCIATED WITH ARBITRATION. I WAS DISMISSED FROM THE ARBITRATION CLAIM AND CONTRIBUTED NOTHING TO THE SETTLEMENT.
Date: May 14, 2001 Category: Customer Dispute Allegations: THE CLIENTS ALLEGED THAT I GAVE THEM INAPPROPRIATE TAX ADVICE. THEY FURTHER ALLEGED THAT THE ADVICE I GAVE THEM RESULTED IN THE CLIENTS INCURRING TAXABLE CONSEQUENCES AND LOST VALUE. Damage Amount Requested: $60,000.00 Broker Comment: THE REVIEW FOUND THAT I PROPOSED A STRATEGY TO THE CLIENTS WHICH INVOLVED TRANSFERRING THE STOCK PORTION OF A QUALIFIED PLAN TO AN AMERICAN EXPRESS FINANCIAL ADVISORS BROKERAGE ACCOUNT. THE STRATEGY IS THAT THE COST BASIS WOULD BE TAXED AT THE ORDINARY INCOME RATE, AND ANY GAIN ON A SALE WOULD BE TAXED AT THE LONG-TERM CAPITAL GAIN RATE. THE PLAN ADMINISTRATOR WOULD REPORT THE NET UNREALIZED APPRECIATION AMOUNT ON THE 1099R FORM. IT IS UNCLEAR TO US WHY THE PLAN ADMINISTRATOR DID NOT REPORT THE NET UNREALIZED APPRECIATION AMOUNT ON THE 1099R. IN ADDIITON, THE REVIEW FOUND THAT THE CLIENTS CHOSE NOT TO FOLLOW MY ADVICE TO REVIEW THE STRATEGY WITH THEIR ACCOUNTANT AND TO CONTACT THE PLAN ADMINISTRATOR FOR COST BASIS INFORMATION PRIOR TO IMPLEMENTING THE STRATEGY. FINALLY, OUR REVIEW FOUND THAT THE CLIENT MADE THE DECISION ON HIS OWN ACCORD TO SELL HIS FULL POSITION OF THE STOCK, WHICH RESULTED IN ADDITIONAL TAX CONSEQUENCES AND LOSS OF VALUE.
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