Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jon Lee (Lee), currently associated with American Global Wealth Management, INC., has at least one disclosable event. These events include one customer complaint, alleging that Lee recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $31,975.00 on June 23, 2023.
Customer requested a simple IRA to ROTH IRA conversion on 12/27/2021. The IAR submitted the request to the custodian. The custodian said that they would try to complete the customer’s request before the end of the year 2021. In the first week of January, the custodian informed the IAR that they needed additional paperwork to complete the transaction. The IAR attempted to contact the customer, however the customer was on vacation. The transfer paperwork was completed on 1/7/2022 resulting in an unexpected tax liability for the customer in the wrong year.\, \, The customer filed a complaint stating that the IAR was at fault for submitting the IRA conversion paperwork late, resulting in the customer having to pay an additional $31,975 in taxes.