Antoine Souma Resigns from Galliott Capital Following FINRA Suspension
Antoine Souma (CRD #: 4210987), a broker registered with Insigneo Securities, recently resigned from his position at Galliott Capital, according to his BrokerCheck record, accessed on January 10, 2022. Details surrounding his resignation have been provided below.
Resignation Details
On December 10, 2021, Antoine Souma was permitted to resign from his position at Galliott Capital after his termination was requested by the State of California due to a FINRA suspension.
FINRA Allegation
According to an Acceptance, Waiver, and Consent agreement dated May 11, 2021, Antoine Souma consented to the findings that, while associated with J.P. Morgan Securities, he allegedly provided six incorrect and misleading account reports to a customer.
According to the allegations, some of the reports contained incorrect account values and account performance information, while other reports omitted positions held in the accounts and understated commissions paid for multiple transactions. The reports allegedly contained incorrect information about municipal securities, corporate bonds, structured products, and other types of securities.
Which FINRA Rules did Antoine Souma Allegedly Violate?
FINRA Rule 2210 (Communications with the Public)
FINRA Rule 2210 is a comprehensive regulation governing the approval, review, and recordkeeping of registered members’ communications and correspondences. Section D, (1a) of this rule requires all communications with the public to be fair and balanced, brokerage firms and their registered members should also provide a sound basis for evaluating the facts in regard to any particular security and should not omit material facts or qualification that would cause the communication to be misleading.
Section D, (1b) also prohibits members from making false, exaggerated, unwarranted, promissory, or misleading statements or claims in any communication.
FINRA Rule 2010
Failure to adhere to FINRA rule 2210 violates FINRA Rule 2010, which requires all registered members to observe high standards of commercial honor and just principles in their business dealings.
As part of the terms of the AWC, Antoine Souma consented to a two-month suspension and a $20,000 fine.
You can read the full copy of the AWC here.
Prior Investor Disputes
- Unsuitability Allegations
According to allegations filed on March 2, 2020, Antoine Souma recommended an unsuitable alternative investment to his client. The damage amount requested was $250,000; however, the case was denied.
2. Multiple Violations
On December 27, 2016, Antoine Souma was involved in an investor dispute alleging he exercised discretion, executed excessive and unsuitable trades, and falsified performance reports. The case was settled for $14,000,000.
Background Information
Antoine Souma has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Antoine Souma is a registered broker in 13 states.
Besides Insigneo Securities, Antoine Souma has also worked with the following firms:
- Galliott Capital Advisors (CRD#:313094)
- Insigneo Advisory Services (CRD#:282589)
- Morgan Stanley (CRD#:149777)
- J.P. Morgan Securities (CRD#:79)
- Deutsche Bank Securities (CRD#:2525)
- UBS Financial Services (CRD#:8174)
Kurta Law Can Help
If you have lost money while working with Antoine Souma, don’t hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.