HO-HO-KUS, NEW JERSEY, USA, July 17, 2023/EINPresswire.com/ — National investment loss lawyers KlaymanToskes encourages customers of American Portfolios broker/financial advisor Nabil “Bilo” Bouab who suffered investment losses to contact the firm immediately at 888-997-9956.
KlaymanToskes reports that the firm has filed a FINRA arbitration claim (no. 23-01947) against American Portfolios and Nabil “Bilo” Bouab, seeking to recover damages over $100,000 on behalf of a customer. Bouab allegedly employed an unsuitable strategy of purchasing speculative investments, including mutual funds and ETFs, in the customer’s account.
American Portfolios and its registered advisor, Nabil Bouab (CRD # 4340284), who was employed at the firm’s Ho-Ho-Kus, NJ and then Holbrook, NY branch offices, violated the customer’s investment objectives and failed to act in the customer’s best interest by over concentrating her accounts in speculative stocks.
During one three-year period, Bouab and American Portfolios purchased and sold a staggering $1.55 million worth of securities in the customer’s account. The investigation conducted by KlaymanToskes has led the firm to believe that the only justification for the account’s excessive turnover was to financially benefit the firm and Bouab, through markups on the securities purchased to the detriment of the customer.
In November of 2022, Bilo Bouab was permitted to resign from American Portfolios due to allegations that he impersonated a client to effectuate trades in the client’s account. Bouab’s actions violated the firm’s policy and he was also suspended from acting as a broker by FINRA for 20 business days due to the misconduct. Bilo Bouab is currently registered with Garden State Securities in Red Bank, NJ.
Customers of American Portfolios who suffered investment losses with Nabil “Bilo” Bouab, and/or any other broker/advisor, are encouraged to contact KlaymanToskes at (888) 997-9956 or or fill out a short contact form for a free and confidential consultation to discuss legal options.
About KlaymanToskes
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
Lawrence L. Klayman, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
lawrence@klaymantoskes.com