- December 21, 2022
- Insigneo Securities
Antoine Souma (CRD#: 4210987) is a registered Investment Adviser and a previously registered Broker.
He entered the securities industry in 2000 and previously worked for Insigneo Securities, LLC; Morgan Stanley; J.P. Morgan Securities, LLC; Deutsche Bank Securities, Inc.; and UBS Financial Services, Inc.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in December 2021, Antoine Souma was permitted to resign from Galliott Capital, LLC. The allegation states, “Termination requested by the State of California due to the FINRA suspension.”
In addition, Antoine Souma has been the subject of three disclosures, including the following:
- November 2021 — “Without admitting or denying the findings, Souma consented to the sanctions and to the entry of findings that he provided incorrect and misleading account reports to a customer that, among other things, 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 transactions. The findings stated that Souma provided documents to the customer that purported to be customized reports of information about the holdings in and performance of the accounts held by the customer’s companies, including information about transactions and holdings in municipal securities. Certain of the reports contained incorrect account values and account performance information, and certain of the reports omitted positions held in the accounts and contained incorrect values for commissions paid for multiple transactions. The reports contained incorrect information about municipal securities, corporate bonds, structured products, and other types of securities.” Antoine Souma was sanctioned with a civil and administrative penalty/fine of $20,000 and a 2-month suspension from all capacities beginning December 6, 2021 and ending February 5, 2022.
- March 2020 — “Client alleged, inter alia, unsuitability with respect to the recommendation of an alternative investment – August 2019 to December 2019.” The customer dispute was denied.
- December 2016 — “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 customer dispute was settled for $14M.
For a copy of Antoine Souma’s FINRA BrokerCheck, click here.
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