DID AMR MOSTAFA ABOULMAGD CAUSE YOU INVESTMENT LOSSES?
Amr Aboulmagd Formerly With NYLIFE Securities Has 6 Customer Complaints For Alleged Broker Misconduct
Who is Amr Aboulmagd formerly with NYLIFE Securities?
Amr Aboulmagd (CRD #3273075) who was formerly registered with NYLIFE Securities and located in Horsham, Pennsylvania is a subject of one of our many securities industry sales practice abuse investigations.
Amr Aboulmagd has also been the subject of a FINRA investigation into allegations that he made misrepresentations and unsuitable recommendations to customers regarding switches from a fixed annuity to a variable annuity. He refused to appear for on-the-record testimony and was subsequently permanently barred from any further association with any member firm in any capacity.
Amr Aboulmagd Customer Complaints
Amr Aboulmagd has been the subject of 6 customer complaints that we know about. Three of Amr Aboulmagd’s 6 customer complaints were settled in favor of investors. Two of Amr Aboulmagd’s customers’ complaints were denied and, today, the customers have not taken any further action. There is currently one pending customer complaint filed against NYLIFE Securities for investment losses caused by Amr Aboulmagd’s alleged misconduct.
Allegations Against Amr Aboulmagd
A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows:
- Customers alleged, among other concerns, that they purchased three variable annuities and one variable universal life insurance policy with excessive fees and charges, which did not benefit them allegedly made by Amr Aboulmagd.
- Regarding the purchase of several variable annuity policies issued, the customer alleged that Amr Aboulmagd did not explain the surrender charges while moving his funds to other providers, which he feels was unsuitable.
- The customer alleged that Amr Aboulmagd misrepresented the terms and conditions of a variable annuity she purchased with respect to account balance guarantees, fees, and how the funds would be invested.
- The customer alleged that the terms and conditions associated with a variable annuity contract purchased with proceeds from a fixed annuity policy were misrepresented allegedly by Amr Aboulmagd and that the surrender charges incurred as a result of the transaction were not fully explained to him.
- The customer alleged the signature on the client profile and policy disclosure form of the fixed annuity application is not her signature and was done without her authorization allegedly by Amr Aboulmagd.
- The customers alleged that they were misled by Amr Aboulmagd regarding the purchase of a variable universal life insurance contract purchased with their IRA proceeds.
Amr Aboulmagd Red Flags & Your Rights As An Investor
Of course, Amr Aboulmagd did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Amr Aboulmagd at NYLIFE Securities on alert to review carefully the activity and performance of their accounts and question whether Amr Aboulmagd has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at NYLIFE Securities also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
File A Claim To Recover Your Investment Losses At NYLIFE Securities Due To Amr Aboulmagd
If you have questions about NYLIFE Securities and/or Amr Aboulmagd and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.