JP Morgan Pays $14 Million Settlement

ANTOINE NABIH SOUMA (Antoine Souma) (CRD#: 4210987), formerly listed with J.P. Morgan Securities in Los Angeles, ranked 76^th. on Barron’s Top 100 Financial Advisors in 2016, and headed a team managing $3 billion in client funds. Antoine Souma is currently a broker with Morgan Stanley in Los Angeles. According to a Customer Dispute listed on Souma's report on FINRA's BrokerCheck, in December of 2016, “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 settlement amount was $14,000,000.00. Antoine Souma denies the allegations on his report.
J.P. Morgan Securities, has paid the $14 million to settle the claim.  The alleged trading issues involved structured notes and fixed-income products, according to reports.
Antoine Souma, moved to Morgan Stanley as did four associates, and a muni bond trader, also from J.P. Morgan.
This $14 million payment is another huge settlement brought against a large bank to settle client charges. In June, Merrill Lynch paid $40 million to settle alleged claims against Boston broker, Charles Kenahan, for excessively trading a billionaire’s accounts for over five years. Merrill Lynch discharged Kenahan.
According to FINRA’s BrokerCheck, Antione Souma, has 3 Disclosures on his BrokerCheck.  Besides the 2016 complaint resulting in the $14,000,000 settlement, in 2008 a complaint settled for $37,500 and in 2004 a complaint was dismissed.
Antione Souma has been in the securities industry for 19 years, and has been listed with 4 firms.  He has been listed with the following firm since 6/1/2016:
MORGAN STANLEY
1999 AVENUE OF THE STARS PWM
LOS ANGELES, CA 90067
He was previously listed with:
07/09/2010 - 06/07/2016  J.P. MORGAN SECURITIES LLC - LOS ANGELES, CA
03/12/2008 - 08/13/2010  DEUTSCHE BANK SECURITIES INC - LOS ANGELES, CA
08/22/2000 - 03/26/2008  UBS FINANCIAL SERVICES INC - BEVERLY HILLS, CA
If you experienced losses due to the actions or recommendations of Antoine Souma of Morgan Stanley and formerly with JP Morgan in Los Angeles, California, contact at no cost, an experienced securities lawyer at Soreide Law Group regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552. 
Soreide Law Group represents clients nationally before FINRA on a contingency fee basis.