BREAKING NEWS: (February 21, 2023) Los Angeles-based investment advisor Antoine Souma has been barred from the financial services industry after failing to cooperate with an investigation into allegations that he engaged in private securities transactions in violation of FINRA rule 3280. Clients of Souma who have suffered investment losses may have claims for damages.
Antoine Nabih Souma (CRD: 4210987) was registered as a broker with Insigneo Securities from 2020 until 2022. Previously, Souma was registered as a broker with Morgan Stanley from 2016 until 2020.
Souma was recently named in a customer dispute alleging the recommendation of unsuitable investments. The plaintiff is seeking $2M in damages. Souma has four additional disclosures on his BrokerCheck report. One customer dispute filed against Souma was denied.
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August 2022 Customer Dispute
Allegations: Claimant alleges that Mr. Souma made unsuitable recommendations and unauthorized transactions in its account. The alleged events occurred from August 2020 through April 2022.
Damage Amount Requested: $2,000,000.00
December 2021 Employment Separation After Allegations
Firm Name: Galliott Capital LLC
Termination Type: Permitted to Resign
Allegations: Registered Representative failed to amend his U4 in a timely manner to disclose the closing of two client complaints initiated at his prior Broker Dealer, and he failed follow Company policy for moving his Registered Private Office to his home.
Broker Comment: Mr. Souma is de-registering on a temporary basis as requested by the State of California, due to the suspension imposed by FINRA on 11/05/2021
November 2021 Regulatory Judgment
Initiated By: FINRA
Allegations: Without admitting or denying the findings, Souma consented to the sanctions and to the entry of findings that he provided incorrect and misleading account reports to a customer that, among other things, included incorrect account values and account performance information, omitted positions held in the customer’s accounts, and, in one report, understated the amount of commissions that the customer paid for transactions. The findings stated that Souma provided documents to the customer that purported to be customized reports of information about the holdings in and performance of the accounts held by the customer’s companies, including information about transactions and holdings in municipal securities. Certain of the reports contained incorrect account values and account performance information, and certain of the reports omitted positions held in the accounts and contained incorrect values for commissions paid for multiple transactions. The reports contained incorrect information about municipal securities, corporate bonds, structured products, and other types of securities.
Resolution: Acceptance, Waiver & Consent (AWC)
Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
Registration Capacities Affected: All Capacities
Duration: Two Months
Start Date: 12/6/2022
End Date: 2/5/2022
December 2016 Customer Dispute
Allegations: Received amended Statement of Claim: Claimant alleges exercise of discretion, excessive and unsuitable trading, falsified performance reports, failure to extend a promised credit line, breach of fiduciary duty, misrepresentation and omission of material facts, breach of contract, constructive fraud, failure to supervise, violation of state and federal securities laws and FINRA rules, and promissory estoppel. Activity dates between 2013 and 2015.
Settlement Amount: $14,000,000.00
Broker Comment: The FA vehemently denies the claimant’s allegations. The claim was settled by the firm and the FA did not contribute to the settlement.
The Sonn Law Group is currently investigating allegations surrounding Antoine Nabih Souma. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.