Barry David Abrams of Marlton New Jersey a stockbroker formerly employed by Ameriprise Financial Services is referenced in a customer initiated investment related arbitration claim where the customer sought $20,000.00 in damages based upon accusations that the customer had been placed into unsuitable investments including Corporate Capital Trust and FS Energy and Power (FSEP) which eroded the value of the customer’s college savings account. FINRA Arbitration No. 20-01682 (June 1, 2020).
According to the claim, FINRA rules were violated by the stockbroker and his negligence resulted in the customer’s losses. The stockbroker allegedly made misrepresentations about business development companies and he breached both an investment agreement and his fiduciary obligation to the customer. The claim also alleges that the customer’s account lacked supervision at Ameriprise.
Abrams has been identified in three additional customer initiated investment related disputes concerning allegations of his misconduct during the time that he was employed by Securities Service Network and Prudential Securities. FINRA Public Disclosure reveals that a customer filed an investment related complaint in regard to Abrams’ conduct in which the customer requested $15,000.00 in damages founded upon accusations of the customer not being provided with important information in regard to a unit investment trust purchased through Abrams at Prudential Securities.
Another customer filed an investment related complaint involving Abrams’ conduct where the customer sought $238,884.81 in damages supported by allegations that the Securities Service Network customer was not advised against concentrating the entirety of their investment portfolio in a direct participation program. Abrams is also the subject of a customer initiated investment related written complaint which has been settled to resolve accusations that the customer’s account was mismanaged and that unauthorized and excessive trades had been executed in the customer’s account. According to the complaint, misrepresentations had also been made by the stockbroker regarding investments.
Abrams has also been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon findings that he placed unauthorized trades in a customer’s account. Letter of Acceptance Waiver and Consent No. 2013039371801 (Dec. 15, 2015). According to the AWC, the stockbroker effected discretionary trades on 87 occasions without written authorization from the customer and Securities Service Network. The regulator determined that Abrams violated FINRA Rule 2010 and National Association of Securities Dealers (NASD) Conduct Rule 2510(b). Abrams was discharged from the securities broker dealer for his unauthorized trades.
