Ameriprise Financial Services' Barry Abrams Facing Investor Disputes Alleging Unsuitability, Breach Of Fiduciary Duty
Soreide Law Group brings you up to speed regarding securities broker Barry David Abrams (CRD#: 488, Marlton, New Jersey). Specifically, FINRA BrokerCheck shows that five investors brought disputes about Abrams, and a couple of those disputes concern Abrams’ actions at Ameriprise Financial Services. Also reported on Abrams’ BrokerCheck record is FINRA’s disciplinary action against him. Notably, FINRA sanctioned Abrams for making discretionary trades without having discretionary trading authorization. Here’s more on these disclosures.
Barry Abrams’ Ameriprise Financial Services Clients Alleges Unsuitable FS Energy And Power Fund
Evidently, a client of Ameriprise Financial Services brought a dispute about Barry Abrams in December 2020. Specifically, the client claimed that Abrams provided an unsuitable investment recommendation regarding FS Energy and Power Fund. It appears that this real estate security did not produce a positive return for the client. However, Ameriprise Financial Services denied this dispute.
Client Of Ameriprise Alleges Breach Of Fiduciary Duty In Dispute About Abrams
It appears that a second client of Ameriprise Financial Services took aim at Barry Abrams’ sales practices in June 2020. Similar to the first dispute, this client alleged unsuitable recommendations concerning FS Energy and Power Fund. Allegedly, Corporate Capital Trust was not an appropriate investment too. In connection with these investments, the client's causes of action include breach of contract, breach of fiduciary duty, negligence, misrepresentation, and the violation of FINRA rules. In addition, the client claimed that Ameriprise Financial Services failed to supervise Abrams. For this reason, in November 2020, Ameriprise Financial Services opted to settle this dispute by compensating the client.
FINRA Disciplinary Action Against Barry Abrams
In addition, FINRA reportedly suspended Barry Abrams and had him pay a $5,000 fine to resolve allegations that he made discretionary trades without authorization from both Securities Service Network LLC and the client. Evidently, Abrams served the suspension and paid the fine between 2015-2016.
Client Of Securities Service Network Alleges Mismanagement, Churning By Abrams
Notably, the client claimed in this February 2014 dispute that Barry Abrams churned their account. Allegedly, Abrams made excessive stock trades. In addition, the client claimed that Abrams misrepresented information in connection with those transactions. Moreover, he is accused of mismanagement of the client’s account and unauthorized activities. It appears that the securities firm compensated this client to settle this matter.
Did You Sustain Damages By Investing Through Abrams?
Did securities broker Barry Abrams cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered meaningful compensation for United States investors who incurred losses from their financial advisors and securities brokers. Please note that Abrams denies all allegations of his sales practice violations.
