Former NYLife Securities LLC Broker Amr Aboulmagd Is Permanently Barred from Acting as a Broker

He allegedly misrepresented information regarding both fixed and variable annuities to customers who suffered financial losses as a result

While the Financial Industry Regulatory Authority (FINRA) permanently barred former NYLife Securities LLC broker Amr Mostafa Aboulmagd in October 2016, additional complaints continue to be filed against him.

With a total of four customer disputes lodged against him, Aboulmagd was barred by FINRA due to his failure to appear for on-the-record testimony requested by the regulatory body in connection to an investigation into allegations of misrepresentation and making unsuitable recommendations to customers regarding switches from a fixed annuity to a variable annuity.

Approximately one month after Aboulmagd was barred by FINRA, a customer dispute was filed on his BrokerCheck report alleging that eight fixed and variable annuities and insurance policies purchased beginning in June 2007 were executed in order to acquire large commissions. The customer is requesting damages of $96,000.

Previous customer disputes allege that in one case, Aboulmagd misled a customer regarding the purchase of variable universal life insurance contracts, and in another misrepresented the terms and conditions associated with a variable annuity contract. Combined damages granted in these cases exceeded $20,000.

It is also reported that NYLife Securities LLC permitted Aboulmagd to resign after a review of his business practices concluded, among other things, that:

     1. He did not properly disclose annuity replacements

     2. He made recommendations that did not appear suitable for the customer

Prior to his employment with NYLife Securities LLC in Horsham, PA from April 2009 to May 2015, Aboulmagd was employed by:

• American Express Financial Advisors Inc. in Minneapolis, MN from November 1999 to May 2000

• IDS Life Insurance Company in Minneapolis, MN from November 1999 to May 2000

• GSG Securities, Inc. in Boca Raton, FL from August 1999 to September 1999

Did you or someone you know invest money with Amr Aboulmagd? If so, it is important that you know your rights. If you feel you suffered financial loss as a result of his actions or involvement, you may potentially recover financial losses through securities arbitration. What you need is an experienced securities arbitration attorney with a proven track record of successfully recovering money for his or her clients.

At Silver Law Group, our team of securities arbitration attorneys stands ready to help you understand your rights and represent your interests. Scott Silver is the current chair of the American Trial Lawyers Association Securities and Financial Fraud Group and our expert legal team represents clients in securities law arbitration cases and other methods of legal action.

We’ll let you know about your options and what steps to take. And because we’re a contingency-based firm, unless you recover money, you won’t owe us anything. Call us toll-free at 1-800-975-4345 or just fill out our online contact form.