Antoine Nabih Souma of Los Angeles, California, a stockbroker formerly registered with JP Morgan Securities LLC and Morgan Stanley, has been fined $20,000.00 and suspended for two months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Souma provided a customer with misleading and incorrect accounts reports while he was registered with JP Morgan Securities. Letter of Acceptance Waiver and Consent No. 2018057692701 (November 5, 2021).
According to the AWC, Souma’s account reports contained incorrect account performance information, incorrect account values, omissions, and inaccurate information in regard to structured products, corporate bonds, and municipal bonds. The regulator states that at least three reports showed inflated account values. Souma violated MSRB Rule G-17 and FINRA Rules 2010 and 2210.
FINRA Public Disclosure shows that Souma has been identified in two customer initiated investment related disputes regarding allegations of his conduct while he was associated with securities broker dealers. On May 6, 2019, a customer initiated investment related FINRA securities arbitration claim regarding Souma’s activities was settled for $14,000,000.00 in damages founded on accusations of false performance reports, omissions, breach of contract, failure to supervise, violation of securities laws, breach of fiduciary duty, unsuitable trading, excessive trading, and fraud as it pertains to fixed income and structured notes during the time that Souma was associated with JP Morgan Securities. FINRA Arbitration No. 16-03663 (May 6, 2019).
On March 2, 2020, another customer filed an investment related complaint involving Souma’s conduct where the customer sought $250,000.00 in damages supported by allegations of unsuitable recommendations by Souma between August 2019 and December 2019. The complaint alleges that the customer was poorly advised on an alternative investment when Souma was employed by Morgan Stanley Smith Barney.
Souma’s stockbroker and investment adviser representative registrations at Morgan Stanley were terminated on July 30, 2020. Since July 1, 2020, Souma has been registered with Insigneo Securities LLC as a stockbroker. Since February 22, 2022, he has been registered with Galliott Capital Advisors LLC as an investment adviser representative.
