Barry David Abrams, of Marlton, New Jersey, a stockbroker formerly registered with Ameriprise Financial Services Inc., is the subject of a customer initiated investment related written complaint on December 10, 2020, where the customer requested compensatory damages founded on allegations of Abrams providing an unsuitable investment recommendation to the customer concerning FS Energy Power Fund when Abrams was employed by Ameriprise Financial Services.
Abrams has been identified in four additional customer initiated investment related disputes regarding accusations of his harmful activities while employed by Prudential Securities and Securities Services Network. FINRA Public Disclosure shows that a customer filed an investment related complaint regarding Abrams’ activities in which the customer sought $238,884.81 in damages supported by allegations of Abrams failing to provide important information to the customer concerning a direct participation program investment that Abrams sold while registered with Securities Service Network. The complaint alleges that Abrams had the customer invest all IRA funds in one account, resulting in damages.
Abrams is also identified in a customer initiated investment related written complaint which was settled to resolve accusations of Abrams making unauthorized trades in the customer’s account and misrepresenting information concerning the customer’s stock trades during the time that Abrams was associated with Securities Service Network. According to the complaint, the customer’s account was mismanaged. The claim also alleges churning by the stockbroker.
Another customer initiated investment related arbitration claim involving Abrams’ conduct was settled to resolve allegations of breach of fiduciary duty and breach of contract concerning the customer’s investments in BDCs. FINRA Arbitration No. 20-01682 (November 20, 2020). According to the claim, the customer was advised by Abrams to invest in Corporate Capital Trust and FS Energy and Power, resulting in damages. The claim also alleges violation of FINRA rules, misrepresentations concerning the alternative investments, and negligence.
Abrams has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon findings that he made unauthorized trades in a customer’s Securities Service Network account. Letter of Acceptance, Waiver, and Consent No. 2013039371801 (December 15, 2015). According to the AWC, Abrams exercised discretion without written authorization on 87 occasions, violating FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
Abrams’ registration with Ameriprise Financial Services was terminated on December 31, 2017.
