Beverly Hills Broker Antoine Souma Barred After Failing to Cooperate with FINRA Investigation

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FINRA barred Insigneo Securities and Galliot Capital Advisors broker Antoine Souma of Beverly Hills, California for willful violations of industry rules in causing inaccurate account documents to be sent to a customer and for causing JP Morgan Securities and Morgan Stanley to fail to retain business-related communications, such as emails with clients.

As early as 2019, JP Morgan Securities paid $14 million to settle a customer's claim that the firm failed to supervise Souma's allegedly excessive and unsuitable trading and falsified expense reports, resulting in charges of misrepresentation, breach of fiduciary duty, omission of material facts, constructive fraud, and failure to supervise. The customer originally alleged damages of $8 billion. An unsuitable recommendations charge soon followed in 2020.

In 2021, FINRA placed Antoine Nabih Souma (CRD #4210987) under investigation for providing incorrect and misleading account reports to a customer, before suspending and fining Souma $20,000 for the infractions. Investigators wrote that Souma's misleading reports contained incorrect information about corporate bonds, municipal securities, and structured products, vehicle omitting positions held in some accounts and incorrect values paid for commissions.

Galliott Capital permitted Souma to resign in December 2021 (filing the separation as a termination requested by the State of California), and FINRA renewed its investigation in 2023, going the distance to bar Souma after finding that Souma failed to cooperate with the investigation by failing to submit documents and information as requested by investigators.

If you invested with Beverly Hills broker Antoine Souma, whose last registered firm was Insigneo Securities, or with any broker or financial adviser who fabricated or misled you with fake account statements or other information that 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.

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