Advisor Alert: Our Attorneys Are Investigating Antoine Nabih Souma For Investment Fraud
Did You Lose Money Because of Antoine Souma?
Filed: March 13, 2024
Antoine Souma has been the subject of two (2) regulatory events, one (1) termination event, and three (3) customer complaints. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.
Let’s begin our Patil Law Advisor Alert with a summary report on Antoine Nabih Souma.
Who Is Antoine Nabih Souma?
- Advisor Name: Antoine Nabih Souma
- Aliases: Antoine Souma
- CRD: 4210987
- Location: Beverly Hills, California
- Current Employer: No Longer Allowed to Practice in the Securities Industry
- Previous Firms: Insigneo Securities, LLC, Morgan Stanley, and J.P. Morgan Securities LLC
- Number of Known Customer Complaints: 3
- Number of Known Regulatory Events: 2
- Number of Known Termination Events: 1
- Can Antoine Souma Be Sued: Yes, in Private Arbitration
- Can Antoine Souma’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
- Highest Damages Allegation: $2,000,000
- Highest Settlement: $14,000,000
If you have suffered investment losses by Antoine Souma, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a stockbroker fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.
Customer Complaints Filed Against Antoine Souma For Broker Misconduct
As of this publication date, Antoine Souma has been the subject of 2 regulatory events, 1 termination event, and 3 customer disputes. Let’s review them below.
In February 2023, FINRA initiated a regulatory action against or in reference to Antoine Souma for allegedly refusing to produce information and documents requested by FINRA in connection with its investigation into his compliance with FINRA Rule 3280 concerning participation in private securities transactions.
In August 2022, a FINRA arbitration was filed against or in reference to Antoine Souma by a customer of Insigneo Securities, LLC alleging that Mr. Souma made unsuitable recommendations and unauthorized transactions in its account. In essence, claimant alleges Souma failed to follow the claimant’s instructions to buy short term bonds rather than longer dated maturities, which, in a rising interest rate environment, resulted in a loss in the portfolio. Per the customer, he/she lost over $2,000,000 because of Mr. Souma’s actions. On January 25, 2024, Mr. Souma settled the claim for $400,000, and some or all of this amount may have been paid by Mr. Souma’s employer and/or insurance carrier.
In December 2021, Galliot Capital LLC terminated Antoine Souma due to the FINRA suspension.
In November 2021, FINRA initiated a regulatory action against or in reference to Antoine Souma for allegedly providing incorrect and misleading account reports to a customer that, among other things, included incorrect account values and account performance information, omitted positions held in the customer’s accounts, and, in one report, understated the amount of commissions that the customer paid for transactions.
In March 2020, a FINRA arbitration was filed against or in reference to Antoine Souma by a customer of MSSB alleging unsuitability with respect to the recommendation of an alternative investment – August 2019 to December 2019. Per the customer, he/she lost over $250,000 because of Mr. Souma’s actions.
In December 2016, a FINRA arbitration was filed against or in reference to Antoine Souma by a customer of J.P. Morgan Securities LLC alleging exercise of discretion, excessive and unsuitable trading, falsified performance reports, failure to extend a promised credit line, breach of fiduciary duty, misrepresentation and omission of material facts, breach of contract, constructive fraud, failure to supervise, violation of state and federal securities laws and FINRA rules, and promissory estoppel. On May 6, 2019, Mr. Souma settled the claim for $14,000,000, and some or all of this amount may have been paid by Mr. Souma’s employer and/or insurance carrier.
How To File A Claim Against Antoine Souma (previously with Insigneo Securities, LLC, Morgan Stanley, and J.P. Morgan Securities LLC) To Get Your Money Back
If you have questions about Antoine Souma, Insigneo Securities, LLC, Morgan Stanley, J.P. Morgan Securities LLC, or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll-free at 1-800-950-6553.