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Financial Adviser Antoine Souma Resigns After FINRA Suspension

Antoine Souma (CRD#: 4210987) is a registered Investment Adviser and a previously registered Broker.

Broker’s Background

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.

We Help Investors Recover Investment Losses

Financial advisers have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives as well as refrain from fraudulent or deceptive activities when it comes to communicating with clients and reporting on their investments. Their employing brokerage firm has a legal and regulatory obligation to supervise the financial advisers’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.   

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]