NEW YORK, NY, UNITED STATES, September 23, 2024 /EINPresswire.com/ — National investment loss and securities lawyers KlaymanToskes issues an important notice to customers of American Portfolios Financial Services and financial advisor Nabil Bouab a/k/a Bilo Bouab, after their unsuitable investment strategy caused an investor to suffer damages of approximately $100,000. The law firm urges all customers of Nabil “Bilo” Bouab who suffered investment losses to contact the firm immediately at 888-997-9956.
KlaymanToskes reports the firm has filed a FINRA arbitration claim (no. 24-01946) against American Portfolios Financial Services and financial advisor Nabil Bouab, on the behalf of an investor who is seeking to recover approximately $100,000 in damages, in connection with being recommended to invest in a high-risk investment strategy.
According to the claim filed by KlaymanToskes, instead of following the customer’s directive of devising a portfolio that would provide growth with moderate risk, Bouab and American Portfolios employed an unsuitable strategy of purchasing speculative, equity investments including Special Purpose Acquisition Companies (“SPACS”).
KlaymanToskes’ investigation found that the investments recommended were contrary to the customer’s desired risk tolerance and were unsuitable for his account. Unbeknownst to the customer, Bouab had coded the customer’s account as “aggressive” when the client actually had a “moderate” risk tolerance.
Additionally, Bouab and American Portfolios aggressively traded the customer’s account contrary to the customer’s investment objectives. The only purported justification for this excessive turnover was to financially benefit Bouab and the brokerage firm, through markups on the securities purchased to the detriment of the customer.
In November of 2022, 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 was also previously suspended from acting as a broker by FINRA, and is currently registered as an investment advisor with Garden State Investment Advisory Services in Red Bank, NJ.
Customers of Nabil Bouab and/or any other financial advisor who suffered investment losses at American Portfolios and/or Garden State Investment Advisory Services are encouraged to contact attorney Steven D. Toskes at (888) 997-9956 or by email at investigations@klaymantoskes.com in furtherance of our investigation.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation 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.
Steven D. Toskes, Esq.
KlaymanToskes, P.A.
+1 888-997-9956
investigations@klaymantoskes.com