FINRA Reportedly Bars Antoine Souma from the Securities Industry
According to public documents, the Financial Industry Regulatory Authority (FINRA) has barred former broker and investment advisor Antoine Souma (CRD#: 4210987) from associating with any FINRA member at any time. FINRA, the self-regulator who oversees financial advisors and broker-dealers, was reportedly investigating Souma and his compliance with FINRA Rule 3280 concerning his participation in private securities transactions.
According to FINRA, the self-regulator was reportedly seeking information and documents in connection with an ongoing customer arbitration filed against Souma. The advisor allegedly refused to provide information to FINRA, leading to the bar.
FINRA Rule 3280 Private Securities Transactions of an Associated Person
With certain exceptions, financial advisors may not engage in private securities transactions (“selling away”). In some circumstances, these transactions are allowed if the professional provides written notice to the firm first and discloses whether or not he or she will receive compensation for the proposed transaction.
Typically, when a broker is “selling away,” the investments are in the form of private placements or other non-public investments, and often these are investments that the broker has some pecuniary interest in. Such an investment is generally a violation of securities rules because the brokerage firm has not researched the risks of the investment or approved the investment for sale to its clients, and the broker is selling the investment without the knowledge of his employer.
Souma reportedly has faced other disciplinary measures while employed as a broker. In November 2021, Souma was reportedly suspended for two months and fined $20,000 after he allegedly provided incorrect and misleading account reports to a customer that allegedly 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 2 transactions.
According to his FINRA broker report, Souma was reportedly affiliated with the following firms during his career in the securities industry:
07/01/2020 – 07/01/2022, INSIGNEO SECURITIES, LLC (CRD#:29249), Beverly Hills, CA,
B, 06/01/2016 – 07/30/2020, MORGAN STANLEY (CRD#:149777), LOS ANGELES, CA
B, 07/09/2010 – 06/07/2016, J.P. MORGAN SECURITIES LLC (CRD#:79), LOS ANGELES, CA
Antoine Souma reportedly has three customer complaints filed against him indicated by his broker record. Allegations include unsuitability and unauthorized transactions, among others.
FINRA Attorneys to Recover Investment Losses
When brokers violate securities laws, such as making unauthorized transactions or unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you have suffered losses investing with Antoine Souma, the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The foregoing information, which is all publicly available, is being provided by The White Law Group.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington. For more information, please visit our website, www.whitesecuritieslaw.com.
Tags: Antoine Souma FINRA, Antoine Souma investigation, Antoine Souma investment losses, Antoine Souma lawsuit, Antoine Souma litigation, Antoine Souma recovery options, Antoine Souma Antoine Soumafinancial advisor, FINRA 3280, Investment loss attorney, securities fraud attorney, selling away Last modified: February 22, 2023