Amr Aboulmagd: Permanently Barred as a Broker

Amr AboulmagdPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on February 1, 2017 indicate that former Pennsylvania-based NYLife Securities broker Amr Aboulmagd has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Aboulmagd (CRD# 3273075).

Amr Aboulmagd has spent six years in the securities industry and was most recently registered with NYLife Securities in Horsham, Pennsylvania (2009-2015). Previous registrations include American Express Financial Advisors in Minneapolis, Minnesota; IDS Life Insurance Company in Minneapolis, Minnesota; and GSG Securities in Boca Raton, Florida. He is currently not registered with any state or firm.

According to his BrokerCheck report, Amr Aboulmagd has received one FINRA sanction and two customer complaints.

In October 2016 FINRA sanctioned him following allegations he “failed to appear for on-the-record testimony requested by FINRA in connection to an investigation into allegations that Aboulmagd made misrepresentations and unsuitable recommendations to customers regarding switches from a fixed annuity to a variable annuity.” He was permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.

In 2015 a customer alleged Amr Aboulmagd, while employed at NYLife Securities, provided misleading information regarding the sale of a variable universal life insurance contract. The complaint settled for more than $8,700.

In 2015 he was “permitted to resign” from his position at NYLife Securities following allegations he did not properly disclose annuity replacements and made unsuitable investment recommendations.

In 2015 a customer alleged Amr Aboulmagd, while employed at NYLife Securities, misrepresented material facts related to a variable annuity policy. The complaint settled for more than $12,800.

If you or someone you know has lost money investing with Amr Aboulmagd, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.