Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Antoine Souma (Souma) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Souma was employed by Insigneo Securities, LLC at the time of the activity. If you have been a victim of Souma’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a final customer complaint on February 21, 2023.
Without admitting or denying the findings, Souma consented to the sanction and to the entry of findings that he refused to produce information and documents requested by FINRA in connection with its investigation into his compliance with FINRA Rule 3280 concerning participation in private securities transactions. The findings stated that FINRA sent an additional request to Souma seeking information and documents in connection with an ongoing customer arbitration filed against him.
Our law firm has extensive experience representing defrauded victims when their advisors accept loans from clients or conduct securities sales through OBAs. The practice of selling unapproved investments, promoting fraudulent schemes to hide misused funds, and engaging in other deceptive acts is known in the industry as “selling away,” a major infraction of securities laws. The term “selling away” in the industry refers to financial advisors promoting investments in businesses, promissory notes, or securities that their affiliated brokerage firm has not approved. Some of these investments may appear legitimate, but they often lead to Ponzi schemes or advisors engaging in fund misappropriation.
However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. To ensure proper supervision of brokers, firms must establish procedures for monitoring advisors’ actions and engagements with the public. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.
In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
Souma has been in the securities industry for more than 21 years. Souma has been registered as a Broker with Insigneo Securities, LLC since 2020.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.