The Massachusetts regulator William Galvin, charged Securities America, a brokerage firm, on Wednesday for failing to supervise a broker who, he claims “exploited the dangers of Alzheimer’s disease in order to gain access to senior clients.” The broker, Barry Armstrong, hosts an AM radio show, on which he asks elderly listeners to call him for medical support, and, when they do, he attempts to give them financial advice. It is an example of a classic “bait and switch,” or falsely advertising one service to obtain contact information, then switching it out for another. The complaint stated: “Securities America’s failure to raise a single question about the content of the Alzheimer’s ads and the attendant mailing materials represents an utter failure that goes to the very purpose of a compliance function. Securities America failed to prevent or even flag glaringly unethical conduct.”
Mr. Armstrong was registered with New York Life Securities from November 1984 until April 1986, 1717 Capital Management Company in Newark, Delaware from September 1986 until December 2003, and Woodbury Financial Services in Needham, Massachusetts from February 2004 until January 2007. He is currently registered with Securities America in Needham and has been since January 2007. He has four customer disputes against him. If you would like to sue Barry Armstrong, please call our securities law firm at 312-332-4200 to speak to an attorney. His firm, Securities America, may be liable for not properly supervising him. The call is free. 312-332-4200.
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