National investment fraud lawyers KlaymanToskes issues a notice to Nabil “Bilo” Bouab (CRD# 4340284) customers following the firm’s filing of over $1 million in pending FINRA arbitration claims against the New Jersey-based broker/investment advisor. The claims relate to Bouab’s failure to act in his customers’ best interest regarding unsuitable recommendations in high-risk Special Purpose Acquisition Companies (“SPACs”).
In November 2022, KlaymanToskes 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. In January 2023, KlaymanToskes filed a second claim for $350,000, also alleging mismanagement of an investor’s account by Bouab and American Portfolios.
If you suffered investment losses with Nabil “Bilo” Bouab at American Portfolios Financial Services, American Portfolios Advisors, and/or Garden State Securities you are encouraged to contact attorney Lawrence L. Klayman, Esq. for a free consultation at (888) 997-9956 or lklayman@klaymantoskes.com to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Nabil Bouab a/k/a Bilo Bouab (CRD# 4340284)
Nabil Bouab has a history of misconduct and has been disciplined by FINRA in the past, including a Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA in June 2015, in which he was fined $5,000 and received a 20-day suspension.
The AWC’s findings state that between October 2011 and May 2013, 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 AWC further alleges that during those phone calls, Bouab also caused a sales assistant to impersonate the client’s wife to effect trades in the wife’s account at the same brokerage firm.
KlaymanToskes’ investigation has revealed that Bouab and American Portfolios allegedly began shifting customers’ accounts from diversified mutual funds and ETFs into 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 are considered 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 were allegedly 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 percentage declines from their all-time-highs:
According to the claims filed, the following acts of misconduct and securities violations are alleged against Nabil “Bilo” Bouab and American Portfolios:
Financial advisors and their firms are responsible for providing suitable investment advice. KlaymanToskes has first-hand experience with Nabil “Bilo” Bouab and American Portfolios’ misconduct. Investors are encouraged to learn more about Nabil Bouab recovery options.
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 also has the experience and resources to prosecute your case. The firm has recovered over $250 million for investors 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