National investment fraud lawyers KlaymanToskes reports that broker Antoine Nabih Souma (CRD# 4210987), the subject of one of their complaints, has been permanently barred from acting as a broker or associating with a broker-dealer firm by Financial Industry Regulatory Authority (“FINRA”). The decision comes after the former broker refused to produce investigation-related information regarding his alleged participation in private securities transactions and violations of securities laws.
According to FINRA BrokerCheck, Souma was previously registered with Insigneo Securities from 2020 to 2022 in Beverly Hills, CA and with Morgan Stanley from 2016 to 2020 in Los Angeles, CA. Souma has also done business as Galliott Capital Advisors since April 2021 in Beverly Hills, CA.
KlaymanToskes has first-hand experience with Antoine Souma’s misconduct and is currently representing an aggrieved investor in a $2 million FINRA arbitration claim against Souma and Insigneo Securities (Case No. 22-01786).
The claim alleges that Souma engaged in excessive trading or “churning”, margin abuse, an unauthorized trading strategy, as well as inflating the investor’s risk profile and failing to disclose the trades to the investor. Affected investors are encouraged to learn more about Antoine Nabih Souma recovery options.
Investors that suffered losses with Antoine Nabih Souma may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your recovery options at no cost.
Consultations are free and every case is taken on a contingency basis, meaning we do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
On February 21st, 2023, FINRA’s Department of Enforcement entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with Antoine Nabih Souma, disclosing that Souma consented to sanctions of a permanent bar from associating with any FINRA member in all capacities.
According to the AWC, this matter originated from an examination of an Insigneo Securities’ branch office in 2021. In December, 2022, FINRA sent several requests to Souma for the production of documents and information related to its investigation into Souma’s compliance with FINRA Rule 3280 concerning his alleged participation in private securities transactions. FINRA Rule 3280 defines a private securities transaction as “any securities transaction outside the regular course or scope of an associated person’s employment with a member.” On December 20th, 2022, Souma and his counsel acknowledged that he received FINRA’s requests and would not provide the information and documents requested. By refusing to produce the requested information, Souma allegedly violated FINRA Rules 8210 and 2010.
Souma also refused to provide information and documents in connection with the ongoing $2 million FINRA arbitration claim filed by KlaymanToskes.
Prior to the most recent investigation, in November 2021, Souma received an AWC that suspended him from the securities industry for two months and fined him $20,000 in connection with findings that he had allegedly provided several customers with inaccurate and misleading account reports that misstated account values and performance. This included situations in which Souma purportedly omitted positions held in the customer’s accounts and understated the amount of commissions that the customer paid for transactions.
Antoine Nabih Souma (CRD# 4210987)
FINRA (Financial Industry Regulatory Authority) is the self-regulatory body responsible for regulating all brokers and brokerage firms doing business with the U.S. public.
Under FINRA Rule 8210, all brokerage firms and registered financial professionals are required to provide information, documents, and testimony upon regulators’ requests.
A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires brokerage firms and their registered representatives to “observe high standards of commercial honor and just and equitable principles of trade.”
Former and current customers of Antoine Souma that suffered losses at Galliott Capital, Morgan Stanley, or Insigneo Securities are encouraged to contact our firm immediately to discuss recovery options at 888-997-9956 or on the web at www.klaymantoskes.com.
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
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com