National investment loss lawyers KlaymanToskes continues investigating Nabil Bouab (CRD# 4340284) following the filing of over $1 million in FINRA arbitration claims against the broker and his former firm, American Portfolios.
KlaymanToskes previously reported that the firm has filed a $776,000 FINRA arbitration claim (Case No. 22-02410) against Nabil Bouab and American Portfolios Financial Services on behalf of a New Jersey couple. Additionally, the firm has filed a second customer claim (Case No. 23-00209) for $350,000, on behalf of an American Portfolios customer who suffered losses due to unsuitable investment recommendations.
KlaymanToskes has first-hand experience with the investment-related misconduct of Nabil “Bilo” Bouab and American Portfolios. Former and current customers of Nabil Bouab are encouraged to immediately contact attorney Lawrence L. Klayman, Esq. for a free consultation at (888) 997-9956 or lklayman@klaymantoskes.com to discuss recovery options.
According to FINRA BrokerCheck, Nabil (Bilo) Bouab was previously registered with American Portfolios Financial Services in Ho-Ho-Kus, NJ and American Portfolios Advisors in Holbrook, NJ. Bouab is currently registered with Garden State Securities, Inc. in Red Bank, NJ.
According to a recent $776,000 FINRA arbitration claim filed by KlaymanToskes, the customers placed their confidence and trust in Nabil (Bilo) Bouab and American Portfolios, giving them discretionary authority to make financial decisions in their accounts.
Bilo Bouab and American Portfolios actively mismanaged the investors’ accounts, causing substantial damages. The mismanagement included engaging in excessive trading and violating the customers’ investment directives by overconcentrating the investors’ accounts in the emerging markets sector and speculative equities including SPACs.
KlaymanToskes’ investigation of Nabil (Bilo) Bouab and American Portfolios has revealed that the customers’ accounts were shifted from diversified mutual fund and ETF investments to speculative equity investments, including Special Purpose Acquisition Companies (“SPACs”).
According to the SEC’s Blank Check Company definition, SPACs “typically involve speculative investments” and often fall within the SEC’s definition of penny stocks or microcap stocks. SPACs may be considered high-risk, as their stock prices can become highly volatile and fluctuate significantly based on market conditions.
The SPACs recommended by American Portfolios and Nabil Bouab were unsuitable for the investors’ moderate risk tolerances, costing the customers over a million dollars in collective damages. The list below displays the SPACs involved and their current percentage declines from their all-time-highs:
Former and current customers of Nabil “Bilo” Bouab at American Portfolios Financial Services, American Portfolios Advisors, and/or Garden State Securities are encouraged to immediately contact attorney Lawrence L. Klayman, Esq. for a free consultation at (888) 997-9956 or lklayman@klaymantoskes.com to discuss recovery options.
KlaymanToskes offers legal services on a contingency fee basis, meaning we do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
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.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com