KlaymanToskes, a law firm specializing in investment loss recovery, has taken legal action against financial advisor Nabil Bouab and American Portfolios Financial Services, Inc. for over $1 million in damages. The firm has filed FINRA arbitration cases alleging that Bouab and American Portfolios constructed portfolios that put investors at a high-risk of investment losses causing the damages.
If you suffered investment losses with Nabil Bouab or American Portfolios, contact attorney Lawrence L. Klayman, Esq. immediately at 888-997-9956 or by email at lklayman@klaymantoskes.com to discuss recovery options. All consultations are free and confidential.
KlaymanToskes has filed FINRA arbitration cases, alleging the following violations and misconduct: unsuitable investments, unauthorized sales and purchases of securities, overconcentration of investments, excessive trading, failure to act in the “best interest” of the investor, misrepresentations and omissions, breach of fiduciary duty, failure to supervise, negligence, and other violations of state and federal securities laws.
According to the claims, Bouab and American Portfolios were entrusted to construct low-risk, diversified retirement portfolios for investors. However, without the investors’ consent, the Respondents allegedly shifted the accounts into high-risk Special Purpose Acquisition Companies (SPACs). SPACs are often considered high-risk investments due to the uncertainty surrounding the eventual target company and the performance of the investment.
The changes to the investors’ portfolios resulted in overconcentration and aggressive excessive trading. This mismanagement caused the first group of investors to lose over $776,000, while a second investor lost approximately $350,000.
According to attorney Lawrence L. Klayman, Esq., “We have seen a pattern in Bouab’s trading strategy throughout our clients’ accounts. We believe that this is not an isolated incident and encourage investors to contact our firm.”
Investors who did business with Nabil Bouab should check their accounts for investment losses in SPACs such as:
These SPACs have experienced significant drops from their all-time highs and have caused investors to suffer significant losses. Investors that purchased SPACs in their American Portfolio brokerage account may recover their losses through FINRA arbitration with the help of the experienced securities lawyers at KlaymanToskes.
SPACs are high-risk investments for the following reasons:
Before making a recommendation, financial advisors are required to consider the suitability of an investment and ensure their recommendation is made in the best interest of their client (Reg BI). Investors seeking a conservative, low-risk portfolio can suffer significant financial harm when these securities rules are disregarded. A violation of securities rules is basis for a FINRA arbitration claim.
KlaymanToskes can help you determine if you have suffered losses as a result of securities violations. Contact our firm today for a free, confidential consultation at 888-997-9956 or on the web at www.klaymantoskes.com.
Nabil Bouab has a history of misconduct and has been disciplined by FINRA in the past. He was fined $5,000 and received a 20-day suspension after accepting an Acceptance, Waiver and Consent (AWC) with FINRA in June 2015.
In November 2022, KlaymanToskes filed a complaint against Bouab and American Portfolios for $776,000, alleging violations of the SEC’s Regulation Best Interest, breach of written contract, breach of fiduciary duty, failure to supervise, negligence, misrepresentations & omissions, violation of FINRA rules, and violation of state and federal securities laws.
In January 2023, KlaymanToskes filed a second claim for $350,000, alleging similar mismanagement of an investor’s account by Bouab and American Portfolios.
Investors who lost money with Nabil Bouab and/or American Portfolios have recovery options and can contact KlaymanToskes for a confidential, free consultation at (888) 997-9956. The firm has first-hand experience with Bouab’s misconduct and can help you determine if your losses are a result of misconduct.
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