Antoine Souma Under FINRA Investigation

FINRA Launches Investigation Into Securities Broker Antoine Souma Relating To Possible Concealment Of Client Complaint

It appears that securities broker Antoine Nabih Souma (CRD#: 4210987, Los Angeles, California) is under FINRA investigation. Essentially, FINRA says in a December 2020 disclosure that it might take disciplinary action against Souma for possibly violating FINRA and MSRB rules in connection with client accounts. In addition, two investors brought disputes about Souma – and one of those disputes settled for $14,000,000 in damages. Here’s more on the securities broker and allegations against him.

Who Is Antoine Souma?

Evidently, Souma is a financial advisor and securities broker. He worked for JP Morgan Securities (2010 to 2016), Morgan Stanley (2016 to 2020), Insigneo Securities (2020 to present), Insigneo Advisory Services (2020 to present), and Galliott Capital Advisors (2021 to present).

Why Is FINRA Investigating This Securities Broker?

Notably, FINRA’s December 2020 investigation concerns Antoine Souma’s actions at JP Morgan Securities and Morgan Stanley. First of all, FINRA says that Souma potentially caused a client to receive inaccurate account documents. Secondly, FINRA says that he did not disclose a client complaint. Finally, the regulator indicated that Souma possibly sent misleading information to a client. The regulator has not taken further steps at this time but suggested that it might pursue sanctions against Souma for potential violations of FINRA and MSRB rules. Souma disagrees with FINRA’s statements.

MSSB Client Alleges Unsuitable Recommendations Of Alternative Investments

Also, a client of Morgan Stanley Smith Barney took aim at Antoine Souma’s sales practices. Specifically, the client contended that Souma provided unsuitable investment recommendations to the client. Supposedly, the client experienced $250,000 in damages on alternative investments from August 2019 to December 2019. However, MSSB denied this client’s complaint.

JP Morgan Securities Client Alleges Unsuitable Trading, Breach Of Fiduciary Duty In Dispute About Antoine Souma

Evidently, a client of JP Morgan Securities disputed Antoine Souma’s sales practices by bringing a FINRA Arbitration Claim in December 2016. The Statement of Claim alleges breach of fiduciary duty, excessive trading, unsuitable trading, omission of facts, misrepresentation, breach of contract, violation of securities laws, violation of FINRA rules, and failure to supervise. Supposedly, this client experienced damages between 2013 and 2015 on structured notes and fixed income products. Because of this, to settle this matter, JP Morgan Securities compensated this client in the amount of $14,000,000 in May 2019. The company did not admit liability. Also, Souma denies the allegations and did not contribute to the settlement.

Did You Sustain Damages By Investing Through Broker Antoine Souma?

Did securities broker Antoine Souma cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered meaningful compensation for United States investors who incurred losses from their financial advisors and securities brokers. Please note that Souma denies all allegations of his sales practice violations.