January 5, 2017 Comments (0) Blog, Current Investigations, Securities Fraud

Amr M. Aboulmagd Barred from Securities Industry

(Last Updated On: January 5, 2017)

According to FINRA, Amr Mostafa Aboulmagd (CRD #3273075, Churchville, Pennsylvania) submitted an AWC in which he was permanently barred from the securities industry. Without admitting or denying the findings, Aboulmagd consented to the sanction that he failed to appear for FINRA on-the-record testimony related to an investigation into allegations that Aboulmagd, while associated with his former member firm, allegedly made misrepresentations and unsuitable recommendations to customers regarding switches from a fixed annuity to a variable annuity.

According to his FINRA Broker Check, Aboulmagd was registered with NYLife Securities in Horsham, PA from 04/15/2009 – 05/13/2015.  Aboulmagd was permitted to resign from NY Life in April 2015 due to allegations that he did not properly disclose annuity replacements, and made unsuitable recommendations to the customer. Of the six disclosures listed on his Broker Report, four are customer complaints.

For FINRA’s full findings see FINRA Case #2015044401301.

The foregoing information, which is all publicly available, is being provided by The White Law Group.  The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For a free consultation with a securities attorney, please call The White Law Group at 1-888-637-5510.

For more information on the firm please visit www.whitesecuritieslaw.com.