Timothy Joseph O'Keeffe is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 38052 EUCLID AVENUE SUITE 100, WILLOUGHBY, OH, 44094.
Timothy Joseph O'Keeffe has worked at EDWARD JONES since August 02, 2002
Timothy Joseph O'Keeffe has 1 Disclosure Event(s).
Date: March 27, 2009 Category: Customer Dispute Allegations: 01/15/2008-03/27/2009; THE CLIENT STATED THAT THE FA ASSISTED HIM IN LIQUIDATING AN ANNUITY THAT WAS HELD IN A QUALIFIED PLAN WITH AN INSURANCE COMPANY. WHEN THE FUNDS WERE RECEIVED BY OUR FIRM THEY WERE DEPOSITED INTO A PERSONAL ACCOUNT, RATHER THAN AN IRA ACCOUNT. THE CLIENT ADDED AN ADDITIONAL $26,000.00 TO THE ORIGINAL AMOUNT WHEN THESE FUNDS WERE RECEIVED. THE CLIENT IS NOW HAS TO PAY TAXES ON THE FUNDS THAT WERE NOT ROLLED OVER TO AN IRA PLAN FROM THE ANNUITY. SINCE THE CLIENT FELT THAT THE FA SHOULD HAVE ADVISED HIM TO ROLL THESE FUNDS INTO AN IRA, HE NOW FEELS THAT THE FA AND/OR EDWARD JONES SHOULD REIMBURSE HIM FOR THE $17,776 IN TAXES THAT HE OWES. Damage Amount Requested: $5,000.00 Broker Comment: THE FA STATED THAT THE NEW YORK LIFE ANNUITY WAS NOT SURRENDERED THROUGH HIS OFFICE. SEVERAL WEEKS LATER, WHEN THE CLIENT BROUGHT THE CHECK TO THE FA'S OFFICE HE ADDED ANOTHER CHECK OF APPROXIMATELY $25,000.00 TO THE ANNUITY AMOUNT AND DIRECTED HIM TO DEPOSIT THESE FUNDS INTO THE JOINT PERSONAL ACCOUNT. THE FA SET THIS ACCOUNT UP WITH A SYSTEMATIC WITHDRAWAL OF $650.00 PER MONTH. SINCE THE CLIENT RECEIVED DEPOSIT RECEIPTS FOR THE CHECKS AND MONTHLY ACCOUNT STATEMENTS SHOWING WHERE AND HOW THESE FUNDS WERE INVESTED, THE CLIENT'S CLAIM FOR REIMBURSEMENT ON HIS TAX BILL WAS DENIED.
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