ANTOINE N SOUMA Barred by FINRA

ANTOINE NABIH SOUMA (ANTOINE N SOUMA), a former broker/investment advisor was barred by FINRA in February of 2023.  According to FINRA’s BrokerCheck, Souma was previously listed with INSIGNEO SECURITIES, LLC of Beverly Hills, CA from 07/01/2020 - 07/01/2022.  There is a pending “Customer Dispute” filed against ANTOINE N SOUMA dated August 9, 2022, requesting damages of $2,000,000.00, following the allegations of, “Claimant alleges that Mr. Souma made unsuitable recommendations and unauthorized transactions in its account. The alleged events occurred from August 2020 through April 2022.”

Without admitting or denying FINRA’s findings, ANTOINE N SOUMA consented to the sanction and to the entry of findings that he allegedly refused 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. FINRA’s findings stated that FINRA sent an additional request to Souma seeking information and documents in connection with an ongoing customer arbitration filed against him.  The start date of the FINRA bar was 2/21/2023.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, ANTOINE N SOUMA had been in the securities industry for 21 years and was listed with 5 firms.  Before Insigneo Securities, Souma had been listed with Morgan Stanley of Los Angeles from 06/01/2016 - 07/30/2020 and JP Morgan Securities of Los Angeles from 07/09/2010 - 06/07/2016.  Souma had 6 Disclosures on his FINRA CRD report, 3 were “Customer Disputes.”

One of the “Customer Disputes” listed on ANTOINE N SOUMA’s CRD report from December of 2016 settled for $14,000,000.00.  The allegations were, “Received amended Statement of Claim: Claimant alleges 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. Activity dates between 2013 and 2015.” The broker response was, “The FA vehemently denies the claimant's allegations. The claim was settled by the firm and the FA did not contribute to the settlement.” According to BrokerCheck, Souma received a 2-month suspension and $20,000 fine in connection with the $14,000,000 customer dispute at JPMorgan. In December of 2021, Souma resigned from Galliott Capital LLC as requested by the State of California.

If you’ve experienced financial losses due to the actions or recommendations of the former broker/financial advisor, ANTOINE N SOUMA, previously with Morgan Stanley and JP Mogan of Los Angeles, and  INSIGNEO SECURITIES, LLC of Beverly Hills, CA, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.