National investment fraud lawyers KlaymanToskes issues notice to New Jersey customers of American Portfolios financial advisor Nabil “Bilo” Bouab (CRD# 4340284), following the firm’s filing of over $1 million in FINRA arbitration claims against the Red Bank, NJ-based broker/investment advisor.
Several customers allege that, while registered as a broker/financial advisor with American Portfolios, Bouab failed to act in his customers’ best interest regarding unsuitable recommendations to invest in high-risk Special Purpose Acquisition Companies (“SPACs”).
KlaymanToskes recently filed a $776,000 FINRA arbitration claim (Case No. 22-02410) against Bouab and American Portfolios Financial Services on the behalf of a New Jersey couple. The firm has also filed a second claim for $350,000, on the behalf of a former customer of Nabil Bouab and American Portfolios.
KlaymanToskes’ investigation has revealed that Bouab and American Portfolios allegedly shifted their customers’ accounts from diversified mutual funds and ETFs 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. It is difficult to assess a SPAC’s potential for success, as their stock prices may be highly volatile and fluctuate significantly based on market conditions.
SPACs are considered high-risk investments, and the SPACs recommended by American Portfolios and Nabil Bouab were unsuitable for the investors’ moderate risk tolerances.
The SPACs purchased/managed by Bouab performed poorly, costing the investors over a million dollars in collective damages. The list below displays the SPACs involved and their current percentage declines from their all-time-highs:
Nabil Bouab a/k/a Bilo Bouab (CRD# 4340284)
According to FINRA Brokercheck, Nabil Bouab is currently registered as a broker and financial advisor with Garden State Securities, Inc. in Red Bank, NJ.
Bouab was previously registered with American Portfolios Advisors, LLC and American Portfolios Financial Services, Inc. from 2013 to 2022 in Holbrook, NY and Ho-Ho-Kus, NJ.
Nabil Bouab has a history of broker misconduct and has previously been disciplined by FINRA (Financial Industry Regulatory Authority), including being hit with a Letter of Acceptance, Waiver and Consent (“AWC”) in June 2015, in which he was fined $5,000 and received a 20-day suspension.
According to the AWC, on at least four occasions, Bouab impersonated a client at the client’s request, during telephone calls with the client’s outside brokerage firm, in order to “place rebalancing trades” in the client’s account. The Department found that during those phone calls, Bouab coerced a sales assistant to impersonate the client’s wife, in order to effect trades in the client’s wife’s account.
KlaymanToskes has first-hand experience with the investment-related misconduct of Nabil “Bilo” Bouab and American Portfolios. 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. The firm has the experience and resources needed to prosecute your case, and has assisted investors in the recovery of over $250 million in FINRA arbitration cases alone.
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