Advisor Alert: Our Attorneys Are Investigating Barry David Abrams For Investment Fraud
Did You Lose Money Because of Barry Abrams?
Filed: January 17, 2024
Barry Abrams has been the subject of one (1) regulatory event, one (1) termination event, and five (5) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Barry David Abrams.
Who Is Barry David Abrams?
- Advisor Name: Barry David Abrams
- Aliases: Barry Abrams
- CRD: 488
- Location: Marlton, New Jersey
- Current Employer: Currently Not Registered
- Previous Firms: Ameriprise Financial Services, LLC, BCG Securities, Inc., and Securities Service Network, Inc.
- Number of Known Customer Complaints: 5
- Number of Known Regulatory Events: 1
- Number of Known Termination Events: 1
- Can Barry Abrams Be Sued: Yes, in Private Arbitration
- Can Barry Abrams’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $238,884.81
- Highest Settlement: $15,000
If you have suffered investment losses by Barry Abrams, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Barry Abrams For Broker Misconduct
As of this publication date, Barry Abrams has been the subject of 1 regulatory event, 1 termination event, and 5 customer disputes. Let’s review them below.
In December 2020, a complaint was filed against or in reference to Barry Abrams by a customer of Ameriprise Financial Services, LLC alleging that Mr. Abrams made a poor recommendation to invest in FS Energy and Power Fund in June 2014, stating it did not yield any return. Per the customer, he/she lost over $5,000 because of Mr. Abrams’s actions.
In June 2020, a FINRA arbitration was filed against or in reference to Barry Abrams by a customer of Ameriprise Financial Services, LLC alleging that Mr. Abrams recommended unsuitable investments in FS Energy and Power and Corporate Capital Trust for his children’s college savings. His causes of action are negligence, breach of fiduciary duty, failure to supervise, breach of contract, misrepresentation, and violations of FINRA’s conduct rules. Per the customer, he/she lost over $20,000 because of Mr. Abrams’s actions. On November 20, 2020, Mr. Abrams settled the claim for $5,000, and some or all of this amount may have been paid by Mr. Abrams’s employer and/or insurance carrier.
In December 2015, FINRA initiated a regulatory event against or in reference to Barry Abrams for effecting discretionary transactions in the account of a customer without obtaining prior written authorization from the customer and without his member firm having accepted the account as discretionary in writing.
In February 2014, a complaint was filed against or in reference to Barry Abrams by a customer of Securities Service Network, Inc. alleging churning, misrepresentation, gross mismanagement of account and unauthorized use of discretion in the management of his account. The account was open from mid 2012 through the end of 2013. Per the customer, he/she lost over $20,000 because of Mr. Abrams’s actions. On February 5, 2014, Mr. Abrams settled the claim for $4,000.
In December 2013, Securities Service Network, Inc. terminated Barry Abrams for exercising discretion in a client account without written authorization from the client and without firm approval.
In June 2012, a complaint was filed against or in reference to Barry Abrams by a customer of Securities Service Network, Inc. alleging that Mr. Abrams failed to disclose important aspects of the investment and failed to advise against placing all of her IRA funds into one account. Per the customer, he/she lost over $238,884.81 because of Mr. Abrams’s actions.
In January 1991, a FINRA arbitration was filed against or in reference to Barry Abrams by a customer of Prudential Securities alleging that Mr. Abrams charged the client a commission or mark up on the sale of a municipal investment trust. Per the customer, he/she lost over $15,000 because of Mr. Abrams’s actions. On April 1, 1991, Mr. Abrams settled the claim for $15,000, and some or all of this amount may have been paid by Mr. Abrams’s employer and/or insurance carrier.
How To File A Claim Against Barry Abrams (previously with Ameriprise Financial Services, LLC, BCG Securities, Inc., and Securities Service Network, Inc.) To Get Your Money Back
If you have questions about Barry Abrams, Ameriprise Financial Services, LLC, BCG Securities, Inc., Securities Service Network, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll free at 1-800-950-6553.