March, 2025 | Based in Flowood, MS
If you’ve experienced financial losses or have concerns about how your investments were handled, we’re here to help. Call 800-950-6553 or complete our convenient online form to schedule your complimentary consultation with a skilled securities attorney.
Key Information About Daniel Dee Countiss
- Full Name: Daniel Dee Countiss
- CRD Number: 5732620
- Current Location: Flowood, MS
- Current Employer: LPL Financial LLC
- Office Address: 344 Keyway Drive Suite B, Flowood, MS 39232
- Registration Status: Currently registered with 1 Self-Regulatory Organization and 14 U.S. states and territories
- State Licenses: Alabama, Arizona, Arkansas, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Missouri, South Carolina, Tennessee, Texas, Virginia
- Experience: In the securities industry since December 2009
- FINRA BrokerCheck: One customer dispute (denied)
- Previous Employers: Edward Jones (12/2009 – 07/2024)
- Other Business Activities: Co-owner of Capestone LLC (real estate rental) and operates Countiss Wealth Management (DBA for LPL business)
- Ability to Recover Losses: Potential eligibility for FINRA arbitration for qualified investors
Recent Customer Complaint and Potential Misconduct
Our law firm is investigating Daniel Dee Countiss, a financial advisor currently registered with LPL Financial LLC, following a concerning customer complaint that raises questions about his investment practices and the advice he provides to clients. This investigation is particularly relevant for investors who have worked with Countiss during his time at Edward Jones or since his recent move to LPL Financial.
According to FINRA BrokerCheck records, in December 2024, a customer filed a complaint against Countiss alleging that he misrepresented the tax consequences of withdrawing funds from a qualified account. Specifically, the client’s attorney claimed that Countiss assured them that moving funds from a qualified account would result in only “minor” tax implications. The complaint further alleges that Countiss improperly handled the distributions, which resulted in excessive tax liabilities and loss of earnings potential.
The complaint sought $35,000 in damages and was ultimately denied by the firm in March 2025. However, this denial does not necessarily mean the complaint lacked merit, as brokerage firms frequently deny customer complaints for various reasons, including business considerations.
Professional Background and Recent Firm Change
Daniel Dee Countiss has been in the securities industry since December 2009, when he first registered with Edward Jones in Brandon, Mississippi. For nearly 15 years, he remained with Edward Jones until July 2024, when he made a significant career move to LPL Financial LLC.
His FINRA BrokerCheck report indicates that he has passed the following securities industry examinations:
- Securities Industry Essentials Examination (SIE) – October 1, 2018
- General Securities Representative Examination (Series 7) – December 17, 2009
- Uniform Combined State Law Examination (Series 66) – December 30, 2009
Countiss is currently registered in 14 states and territories, primarily in the southeastern United States, including Mississippi, Texas, Florida, and Georgia. He operates out of LPL Financial’s branch office in Flowood, Mississippi, under the business name “Countiss Wealth Management.”
In addition to his securities activities, Countiss reports involvement in real estate rental properties through Capestone LLC, a company he co-owns, with properties in various Mississippi locations.
Understanding the Alleged Misconduct
The complaint against Countiss centers on a significant issue in investment advising: properly informing clients about the tax consequences of their investment decisions. When financial advisors recommend strategies involving qualified retirement accounts, they have a duty to:
- Accurately represent tax implications: Advisors must provide clear, accurate information about potential tax liabilities resulting from distributions or rollovers from qualified accounts.
- Consider the client’s best interests: Recommendations should be suitable for the client’s financial situation, tax status, and investment objectives.
- Handle distributions properly: Transfers and distributions from qualified accounts must be executed correctly to avoid unnecessary tax penalties or unintended consequences.
The allegations against Countiss suggest potential failures in these areas. By allegedly assuring the client that tax implications would be “minor” when they were in fact substantial, and by allegedly mishandling the distribution process, Countiss may have violated industry standards of practice.
Potential Red Flags for Investors
Based on the available information about Daniel Dee Countiss, investors should be aware of several potential concerns:
1. Misrepresentation of Tax Consequences
The allegation that Countiss downplayed the tax implications of withdrawing from a qualified account is concerning. Qualified accounts (such as IRAs and 401(k)s) typically involve significant tax considerations, and distributions are generally taxable as ordinary income. Additionally, early withdrawals may trigger penalties. Representing these consequences as “minor” could constitute misrepresentation if the actual tax impact was substantial.
2. Recent Broker-Dealer Change
Countiss recently changed firms after nearly 15 years with Edward Jones, moving to LPL Financial in July 2024. While broker movements between firms are common in the industry, they sometimes occur following compliance concerns or performance issues at the previous firm. The timing of his departure from Edward Jones and the subsequent customer complaint filed in December 2024 (regarding conduct during his time at Edward Jones) raises questions about the circumstances surrounding his transition.
3. Potential for Similar Issues with Other Clients
If Countiss misrepresented tax implications to one client, there is a possibility that similar advice may have been provided to other clients. Investors who received advice from Countiss regarding distributions from qualified accounts, particularly those who experienced unexpected tax consequences, should review their situations carefully.
Applicable Industry Rules and Standards
Financial advisors like Daniel Dee Countiss are subject to various regulatory requirements and professional standards. Several key rules and principles that may be relevant to the allegations include:
FINRA Rule 2010 – Standards of Commercial Honor and Principles of Trade
This fundamental rule requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Misrepresenting material facts, such as the tax consequences of investment decisions, may violate this standard.
FINRA Rule 2111 – Suitability
Financial advisors must have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s investment profile. This includes considering the potential tax implications of recommendations.
SEC Regulation Best Interest (Reg BI)
Implemented in June 2020, Reg BI established a “best interest” standard requiring broker-dealers to act in the best interest of retail customers when making recommendations. This includes providing full and fair disclosure of all material facts relating to the recommendation, including tax implications.
IRS Rules Governing Qualified Accounts
Distributions from qualified retirement accounts are subject to specific IRS rules and regulations. Financial advisors should be knowledgeable about these rules and accurately communicate them to clients.
Guidance for Affected Investors
If you have been a client of Daniel Dee Countiss and have concerns about the handling of your investments, particularly involving tax implications or distributions from qualified accounts, consider taking these steps:
1. Review Your Account Statements and Tax Returns
Carefully examine your investment account statements, transaction confirmations, and tax returns for the years in which you worked with Countiss. Look for distributions from qualified accounts and assess whether the tax consequences were properly explained to you and whether they aligned with what you were told to expect.
2. Gather All Communications
Collect any written communications with Countiss, including emails, letters, financial plans, or meeting notes. Documentation of what was communicated regarding tax implications or investment strategies will be crucial in evaluating potential claims.
3. Consult with a Tax Professional
If you experienced unexpected tax consequences from investment decisions, consult with a qualified tax professional to understand the extent of the impact and whether the distributions were handled properly.
4. Determine Potential Damages
Calculate any financial losses you may have suffered as a result of misrepresentations or improper handling of your investments. This could include excess taxes paid, penalties incurred, loss of investment growth, or other financial impacts.
5. Understand the Time Limitations
Be aware that there are strict deadlines for filing complaints or arbitration claims against financial advisors:
- FINRA arbitration claims generally must be filed within six years of the event giving rise to the claim
- State statutes of limitations may also apply, potentially limiting the time to bring certain claims to as little as one to three years
6. Consult with a Securities Attorney
Perhaps most importantly, consult with an experienced securities attorney who specializes in investor representation. An attorney can evaluate the specific facts of your situation, determine whether you have a viable claim, and guide you through the process of seeking recovery.
How Our Securities Fraud Attorneys Can Help
Our law firm specializes in representing investors who have suffered losses due to the misconduct of financial advisors. We have extensive experience handling cases involving tax misrepresentations, unsuitable investment recommendations, and other forms of securities fraud.
When you work with our investment fraud attorneys, you benefit from:
Comprehensive Case Evaluation
We conduct a thorough analysis of your investment history, account documentation, and communications with your advisor to identify potential violations of securities laws and regulations.
Expert Financial Analysis
Our team works with financial experts to assess the actual tax implications of your investment transactions compared to what you were told to expect, quantifying damages with precision.
Knowledge of FINRA Arbitration Process
We have extensive experience representing clients in FINRA arbitration, the primary forum for resolving disputes between investors and their financial advisors.
Contingency Fee Representation
We handle investment fraud cases on a contingency fee basis, which means you pay no legal fees unless we recover money on your behalf. This allows you to pursue justice without additional financial burden.
Strategic Approach to Recovery
We develop a customized legal strategy based on your specific situation, whether that involves FINRA arbitration, negotiation with the brokerage firm, or other legal remedies.
If you’ve invested with Daniel Dee Countiss and have concerns about how your investments were handled, particularly regarding tax implications of distributions from qualified accounts, we encourage you to contact us promptly. The earliest stages of investigating potential misconduct are critical, and delays could impact your ability to recover losses. Take the first step toward protecting your financial future by reaching out to our team today. Call 800-950-6553 or complete our secure online contact form to schedule your confidential, no-cost consultation with a skilled securities fraud attorney.
