Barry Stephen Brower (Barry Brower) Suspended from Securities Industry and Resigned from Ameriprise Financial Services, Inc. - Goodman & Nekvasil P.A., May Recover Losses on GOGO, Inc. (GOGO) and/or Other Investments
Goodman & Nekvasil P.A., May Recover Losses on GOGO, Inc. (GOGO) and/or Other Investments - Barry Stephen Brower (Barry Brower) Suspended from Securities Industry and Resigned from Ameriprise Financial Services, Inc.
From 1987 until Barry Brower’s resignation in 2014, Barry Brower was licensed with Ameriprise Financial Services, Inc. According to FINRA’s records, Barry Brower resigned from Ameriprise Financial Services, Inc. on March 13, 2014. Ameriprise Financial reported to FINRA that Barry Brower resigned while under suspension for company policy violations related to mismarking trades and the use of discretionary authority.
Subsequent to Barry Brower’s termination by Ameriprise Financial Services, Inc., FINRA investigated Barry Brower and brought a disciplinary action against Barry Brower. Barry Brower was suspended for 5 months from the securities and investment banking industry and fined $10,000 on March 6, 2015. FINRA reports that Barry Brower consented to the sanctions and to the entry of findings that Barry Brower exercised discretion to make six trades of GOGO Inc., (GOGO) shares in two customer accounts. According to FINRA, neither customer was aware of the GOGO trades at the time they were made, but, prior to the trades, both had verbally granted Barry Brower discretionary trading authority in their accounts. However, according to FINRA, the written supervisory procedures at Barry Brower’s FINRA member firm required written authorization from the customer and Firm approval before a representative could exercise discretion in a customer account. According to FINRA, Barry Brower was previously issued two Letters of Reprimand by Barry Brower’s FINRA member firm for discretionary trading without written authorization. FINRA also reports that at the time of the trading, Ameriprise Financial Services, Inc. did not allow its representatives to solicit GOGO shares to customers. According to FINRA, the order tickets for the six trades were mismarked “unsolicited” when, in fact, the trades were not initiated by the customers.
If you lost any money on GOGO, Inc. (GOGO) and/or other investments with Barry Brower, you may be able to recover your losses from Ameriprise Financial Services, Inc. This is because Ameriprise Financial Services, Inc. had a duty to supervise Barry Brower.
If you lost money on GOGO, Inc. (GOGO) and/or other investments with Barry Brower and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Ameriprise Financial Services, Inc. concerning Barry Brower’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors. If you lost money on GOGO, Inc. (GOGO) and/or other investments with Barry Brower and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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