STEPHEN TAKASHI SUGAI is currently employed as a Broker and/or Investment Adviser at LINCOLN FINANCIAL SECURITIES CORPORATION located at 94-979 KAUOLU PLACE, #1104, WAIPAHU, HI, 96797.
STEPHEN TAKASHI SUGAI has worked at LINCOLN FINANCIAL SECURITIES CORPORATION since August 02, 2004
Disclosure History
STEPHEN TAKASHI SUGAI has 1 Disclosure Event(s).
Date: June 21, 1985 Category: Customer Dispute Allegations: REGARDING THE 1983 PRUCHASE OF A LIMITEDPARTNERSHIP INTEREST, THE CLIENT ALLEGED MISREPRESENTATIONCONCERNING THE TAX CONSEQUENCES OF THE TRANSACTION.COMPENSATORY DAMAGES IN THE AMOUNT OF $76,394.36 WERE CLAIMED. Damage Amount Requested: $76,394.36 Settlement Amount: $137,053.15 Broker Comment: THE LAW SUIT WAS SETTLED FOR THE SUM OF$137,053.15 OF WHICH REPRESENTATIVE SUGAI`S SHARE WAS $90,000.JUNE 23, 1983 I SOLD A TAX SHELTER TO [CUSTOMER] WHICH LOWERED HER INCOME TAXES SUBSTANTIALLY. THE TAXSHELTER WAS A REAL ESTATE TAX SHELTER WHICH REQUIRED PAYMENTSFOR EIGHT YEARS. WHEN THE TAX REFORM ACT OF 1986 CAME, IT WIPEDOUT ALL THE DEDUCTIONS UNDER THIS INVESTMENT, BUT [CUSTOMER] WASLIABLE FOR THE CONTINUED ANNUAL INVESTMENTS. [CUSTOMER] DID NOTWANT TO CONTINUE PAYING, SO SHE FILED SUIT AGAINST ME,INTEGRATED RESOURCES AND THE TAX SHELTER PARTNERSHIP. MYINSURANCE FOR ERRORS AND OMISSIONS WITH FIREMANS FUND ELECTEDTO SETTLE THE CASE IN 6/88 BECAUSE THE LEGAL FEES WOULD AMOUNTTO 3-4 TIMES THE SETTLEMENT. I COMMITTED NO WRONG DOINGS!!
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