National investment loss lawyers KlaymanToskes issues notice to customers of Nabil “Bilo” Bouab (CRD# 4340284), following the firm’s filing of over $1 million in FINRA arbitration claims against Bouab and his former firm, American Portfolios.
According to FINRA BrokerCheck, Nabil 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.
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.
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. According to the claim, the investors placed their confidence and trust in Bouab and American Portfolios, giving them discretionary authority to make financial decisions in their accounts.
Instead of following the customers’ directives and investment objectives of income with moderate risk, Bouab and American Portfolios actively mismanaged the investors’ accounts, causing them substantial damages.
The mismanagement included excessive trading and concentrating the investors’ accounts in both the emerging markets sector and speculative equities, including SPACs.
According to the claim, Nabil Bouab and American Portfolios began shifting the investors’ accounts from diversified mutual funds and ETFs into speculative, equity investments including Special Purpose Acquisition Companies (“SPACs”).
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 several of the SPACs involved and their current percentage declines from their all-time-highs:
KlaymanToskes has also recently filed a second customer claim (Case No. 23-00209) for $350,000, on behalf of another former customer of American Portfolios who suffered losses due to unsuitable investment recommendations.
Nabil Bouab has a history of misconduct and has previously been disciplined by FINRA regulators, 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, 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.
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