Investment Losses with Nabil (Bilo) Bouab? Contact KlaymanToskes

National investment loss lawyers KlaymanToskes is investigating Nabil (Bilo) Bouab (CRD# 4340284) of American Portfolios, who is currently facing customer complaints for failure to act in his customers’ best interest regarding unsuitable investment recommendations.

According to FINRA BrokerCheck, Bouab was previously registered with American Portfolios in Ho-Ho-Kus, NJ and Holbrook, NY from 2013 to 2022, when he resigned due to allegations of impersonating a client, in violation of company policy. Bouab is currently registered with Garden State Securities in Red Bank, NJ.

Investors that suffered losses with Nabil (Bilo) Bouab are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at lawrence@klaymantoskes.com for a free consultation to discuss recovery options.

KlaymanToskes Files Over $1.2 Million In Investor Complaints Against Nabil Bouab

Investment loss lawyers KlaymanToskes have filed several FINRA arbitration cases seeking over $1.2 million in collective damages from financial advisor Nabil Bouab (CRD# 4340284). Also named is Respondent American Portfolios Financial Services, Inc.

According to the claims filed, the first group of investors lost over $776,000, while the second lost approximately $350,000 and the third lost over $100,000 due to the following misconduct and violations:

• unsuitable investments,
• unauthorized sales and purchases of securities,
• overconcentration of investments, 
• excessive trading/churning,
• failure to act in the “best interest” of the investor,
• misrepresentations and omissions,
• breach of fiduciary duty,
• failure to supervise,
• negligence,
• and other violations of state and federal securities laws.

Current Investigations About Nabil (Bilo) Bouab That You Should Know as an Investor:

KlaymanToskes is a leading national investment loss law firm that represents the interests of investors throughout the world who have suffered losses due to broker misconduct, investment fraud, and securities violations. 

The articles linked below contain important information relating to KlaymanToskes’ investigations of Nabil (Bilo) Bouab:

• Attention Nabil “Bilo” Bouab Customers In The Tri-State Area: Klaymantoskes Pursues Over $1M in Client Recoveries Against American Portfolios
• Customer of Bilo Bouab/American Portfolios Seeks Over $100k For Unapproved High-Risk Strategy
• NABIL BOUAB CUSTOMERS: KlaymanToskes Files Over $1 Million in Investor Complaints Against Bouab
• SPAC INVESTORS: KlaymanToskes Seeks Seeks $776,000 in Damages From American Portfolios and Nabil Bouab

How May Nabil (Bilo) Bouab Be Liable?

According to the claims filed, several investors entrusted Bouab and American Portfolios Financial Services, Inc. (“Respondents”) to construct low-risk, diversified retirement portfolios that were allocated between mutual funds and ETFs.

However, without the investors’ consent, and against SEC Regulation Best Interest (Reg BI), the Respondents engaged in an unauthorized strategy of shifting the investors’ accounts into high-risk Special Purpose Acquisition Companies (“SPACs”). Their mismanagement also resulted in overconcentration and aggressive excessive trading, also known as churning. 

As a direct result of the Respondents’ misconduct, the first group of investors’ accounts underperformed the S&P 500 indices by over $776,000, and a second investor’s account sustained losses of $235,550 while the S&P 500 index appreciated by over $311,000. A third investor suffered losses over $100,000 due to Bouab’s unapproved high-risk strategy of buying and selling speculative investments. Had their accounts had not been misallocated, these customers could have seen significant returns.

What Should Nabil Bouab Investors Look Out For?

American Portfolios investors that did business with Nabil Bouab should review their accounts for investment losses in the following SPACs: 

• Skillz Inc. (NYSE: SKLZ), (-99%)
• Clover Health Investments Corp (NASDAQ: CLOV), (-94%)
• SoFi Technologies Inc. (NASDAQ: SOFI), (-82%)
• Aurora Cannabis Inc. (NASDAQ: ACB), (-99%)
• Cronos Group Inc. (NASDAQ: CRON), (-89%)
• Appharvest Inc. (NASDAQ: APPH), (-98%)
• Canopy Growth Corp. (NASDAQ: CGC), (-95%)
• MercadoLibre Inc.  (NASDAQ: MELI), (-56%)
• DraftKings Inc. (NASDAQ: DKNG), (-84%)
• Paysafe Ltd (NYSE: PSFE), (-94%)

Special Purpose Acquisition Companies (SPACs) are high-risk investments that raise capital through an initial public offering (IPO) in order to buy another existing company. Our clients’ accounts were shifted into the SPACs above which have plummeted from their all time highs and have lost investors significant amounts of money, displayed by the percentages above. All information current as of July 25th, 2023.

Signs Investors Should Look Out For In Their Investment Accounts

As an investor, there are a few signs that you should look out for if you believe you may have a claim against Nabil (Bilo) Bouab. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encourage to contact our firm immediately if you have experienced any of the following: 

• You have substantial losses in your investment accounts
• Your account is concentrated in one type of investment such as SPACs
• Your broker misrepresented investment opportunities, or failed to disclose details about your investments
• You received a call, email, or other communication from your broker’s supervisor or manager regarding your portfolio
• Your broker is not returning your calls or emails
• You filed a complaint with your brokerage firm that has not been resolved

Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.

Nabil Bouab’s History of Misconduct

The FINRA arbitration cases filed by KlaymanToskes are the latest of numerous misconduct issues Bouab has had with the regulatory body. The timeline below displays the notable disclosures on Bouab’s FINRA BrokerCheck report:

June 5th, 2013: Royal Alliance Associates, Inc. permits Bouab to resign from the firm following allegations that he impersonated a client, in violation of company policy and state and federal securities laws.

June 3rd, 2015: FINRA enters into an Acceptance, Waiver and Consent (“AWC”) with Nabil (Bilo) Bouab and he is hit with a 20-day suspension and $5,000 fine.

November 7th, 2022: KlaymanToskes files a complaint on behalf of an investor seeking $776,000 against Nabil Bouab and American Portfolios. The claim alleges violations of the SEC’s Regulation Best Interest, Breach of written contract, Breach of fiduciary duty, Failure to supervise, Negligence, Misrepresentations & omissions, Violation of FINRA rules, and Violation of State and Federal securities laws. This complaint is currently pending.

January 25th, 2023: KlaymanToskes files a second claim against Nabil Bouab and American Portfolios seeking $350,000 for an investor who suffered losses after similar mismanagement of his account by Bouab. This complaint is currently pending.

July 11th, 2023: KlaymanToskes files a third claim against Nabil Bouab and American Portfolios seeking over $100,000 in investment losses due to an unsuitable strategy of purchasing speculative investments, including mutual funds and ETFs, in the customer’s account. This complaint is currently pending. 

Bouab’s Previous History in Wealth Management

Bouab is currently registered with Garden State Securities, Inc. as a broker and investment advisor in Red Bank, NJ. His background includes working at the following firms:

• American Portfolios Financial Services Inc. from 2013 to 2022 in Holbrook, NY and Ho-Ho-Kus, NJ
• Lantern Investments Inc. in 2013 in New York, NY
• Royal Alliance Associates Inc. from 2009 to 2013 in Colts Neck, NJ
• AXA Advisors LLC from 2001 to 2007 in New York, NY