DID WILLIAM HARRY DEVINE CAUSE YOU INVESTMENT LOSSES?
William Devine Customer Complaints and Reviews
Customer Dispute:
Date: Complaint received October 30, 2024.
Complaint: The client alleged that Mr. Devine improperly recommended withdrawing significant sums from an inherited IRA to fund home construction costs, resulting in substantial unplanned capital gains taxes.
Damages: The alleged damages amount to $860,000.
Status: The case is currently pending with FINRA arbitration (Docket #24-02323).
Details: The arbitration was filed in California and remains unresolved, with no settlements or determinations reported at this time.
Allegations Against William Devine
Customer Dispute:
The client claims financial losses due to advice involving substantial withdrawals from an inherited IRA account, which allegedly led to unplanned capital gains taxes amounting to $860,000. The recommendation involved using these funds to cover home purchase and construction expenses.
The case is under review in FINRA arbitration, and no findings of wrongdoing have been determined at this stage.
This dispute underscores the importance of providing clients with thorough financial planning and clear communication about potential tax consequences.
William Devine Red Flags & Your Rights As An Investor
Of course, William Devine did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of William Devine at Ameriprise Financial Services, LLC on alert to review carefully the activity and performance of their accounts and question whether William Devine has engaged in any stockbroker misconduct that may have caused them investment losses.
