NEW YORK, NY, USA, December 11, 2023 /EINPresswire.com/ — National investment loss lawyers KlaymanToskes issues an important notice to customers of American Portfolios Financial Services urging all current and former customers who suffered investment losses to contact the firm immediately to recover their losses at 888-997-9956.
This notice comes after the firm took legal action against American Portfolios and financial advisor Nabil (Bilo) Bouab (CRD# 4340284), on the behalf of an investor seeking to recover up to $500,000. The FINRA Arbitration claim (no. 23-01947) alleges Bouab and his firm made unsuitable recommendations to invest in speculative, equity investments including mutual funds and ETFs.
According to the claim, American Portfolios and its representative aggressively traded the customer’s accounts, contrary to the customer’s investment objectives. In addition, American Portfolios and the advisor failed to act in the customer’s best interest by overconcentrating her accounts in speculative stocks.
The Financial Industry Regulatory Authority’s (FINRA) records reveal that this was not an isolated incident. Bouab’s FINRA BrokerCheck profile shows that other customers made similar complaints, alleging issues with suitability, misrepresentation, and negligence.
Financial advisors and their firms are responsible for providing suitable investment advice and must act in the best interest of their customers. They may be held liable for any investment losses incurred by their customers in the event of unsuitable investment recommendations, misrepresented material facts, and/or an overconcentration of the customer’s portfolio in one particular investment, class, or market sector. Further, financial professionals and their firms cannot disregard a customer’s risk-tolerance when making investment recommendations.
Customers of American Portfolios and Nabil Bouab or any other advisor who suffered investment losses are encouraged to contact attorney Lawrence L. Klayman at 888-997-9956 or by email at lawrence@klaymantoskes.com for a free and confidential consultation to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Contact
Lawrence L. Klayman, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
lawrence@klaymantoskes.com