Andrew Michael May of State College Pennsylvania is a stockbroker currently employed by Edward Jones who is the subject of a customer initiated investment related written complaint, which settled on May 22, 2017 for $7,257.38 in damages founded on accusations that May made misrepresentations to the customer concerning the tax liability pertaining to the customer’s May 2016 liquidation of a variable annuity. In most cases, the broker has no liability to provide the customer with tax advice. Either the investment decision was a rational decision or it was not. But the fact that a transaction or profitable sale of a security can result in a tax liability is not the broker’s fault. Winning the lottery results in a tax liability. Taxability based upon the value at the time of decedent’s death only works if you are the decedent.
Financial Industry Regulatory Authority (FINRA) Public Disclosure additionally reveals that on May 22, 2017, a customer initiated investment related written complaint regarding May’s activities was resolved for $7,504.71 in damages based upon allegations that breakpoint discounts had been misrepresented by May in reference to the customer’s purchase of Invesco Short Term Mutual Fund shares on December 20, 2016.
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