A preliminary determination by FINRA recommends disciplinary action be brought against Los Angeles-area broker Antoine Nabih Souma, currently with Insigneo Securities and Galliott Capital Advisors in Beverly Hills, for allegedly causing inaccurate documents regarding a customer's account to be sent to the customer, and for other violations of FINRA rules.
While Antoine Souma (CRD #4210987) issued a comment denying the allegations, FINRA nonetheless accused Souma of "willful violations" in causing both the inaccurate documents to be sent to a customer and for causing JPMS and Morgan Stanley to fail to retain business-related electronic communications.
In 2019, JP Morgan Securities agreed to pay $14 million to settle a customer's claim that the broker-dealer failed to supervise Souma's purported excessive and unsuitable trading, improper exercise of discretion, and falsified performance reports. The customer dispute also alleged breach of fiduciary duty, misrepresentation, omission of material facts, constructive fraud, and failure to supervise, and had originally alleged damages in excess of $8 billion.
In March 2020, a client alleged that Souma's unsuitable recommendation of an alternative investment resulted in damages of $250,000.
Following a 2016-2020 association as a both a broker and investment adviser with Morgan Stanley in Los Angeles, Souma became registered with Insigneo Securities in both the broker and adviser capacities in 2020, and more recently joined Galliott Capital Advisors as an investment adviser in April 2021. Insigneo and Galliott Capital Advisors, described by AdvisoryHub as Souma's own investment advisory firm very recently registered with the SEC, share the same branch office in Beverly Hills, CA.
Additional business activities listed in Souma's BrokerCheck file include real estate entity LVJCCL Investments of Glendale, Varvour LLC, and Insigneo Advisory Services.
If you have invested with Southern California broker Antoine Nabih Souma or with any investment adviser whose unsuitable recommendations, misrepresentations, omissions, or other fraudulent conduct has proven harmful to your investments or interests, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.
All information in the above post was verified as accurate at the time of posting. We invite readers and the subject(s) of the posting to contact us with new or updated information.