Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on January 24, 2017 indicate that former New Jersey-based Ameriprise Financial Services broker/adviser Barry Abrams, who has been sanctioned by FINRA in connection to alleged rule violations, is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Abrams (CRD# 488).
Barry Abrams has spent 45 years in the securities industry and was most recently registered with Ameriprise Financial Services in Marlton, New Jersey (2014-2017). Previous registrations include BCG Securities in Cherry Hill, New Jersey (2014); Securities Service Network in Mt. Laurel, New Jersey (2001-2013); Morgan Stanley DW in Purchase, New York (1995-2001); Painewebber in Weehawken, New Jersey (1991-1995); Prudential Securities in New York, New York (1985-1991); EF Hutton & Company (1977-1985); Edwards & Hanley (1975-1980); Janney Montgomery Scott (1975-1977); and Bache & Company (1972-1974). He has passed two securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on February 18, 1980; PC (AMEX Put and Call Exam), which he obtained on August 31, 1977; and Series 1 (Registered Representative Examination), which he obtained on July 24, 1972. He is currently not registered with any state or firm.
According to his BrokerCheck report, Barry Abrams has received two customer complaints and one FINRA sanction, and was discharged from a former employer in connection to alleged rule violations.
In 2015 FINRA sanctioned him following allegations he executed discretionary trades in a client account without getting prior written authorization from the customer and without his firm’s written acceptance of the account as discretionary. He was issued a 15-day suspension and a fine of $5,000.
In 2013 he was terminated from his position at Securities Service Network following allegations he exercised discretion without written authorization from the client or the firm’s approval.
In 2014 a customer alleged Barry Abrams, while employed at Securities Service Network, churned investments, misrepresented material facts, grossly mismanaged the account, and used unauthorized discretion. The complaint settled for $4,000.
In 1991 a customer alleged Barry Abrams, while employed at Prudential Securities, failed to inform him of a mark-up. The complaint settled for $15,000.
If you have lost money investing with Barry Abrams, you may be entitled to recoup your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means 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.