Investors Allege Bilo Bouab Misrepresented Investments

Bilo Bouab (CRD #: 4340284), a broker formerly registered with Garden State Securities, is involved in several pending disputes, according to his BrokerCheck record, accessed on September 7, 2025. If you have questions about his alleged conduct as a broker, read on.

Investor Disputes

On June 13, 2025, an investor alleged that Bilo Bouab engaged in negligent conduct. They seek $500,000 in damages in this pending dispute.

On October 21, 2024, an investor alleged that Bilo Bouab made unsuitable investments. This dispute is currently pending.

Two pending disputes filed on May 17, 2024, alleged that Bilo Bouab made misrepresentations and unsuitable investments in managed accounts. These disputes seek a collective $200,000 in damages.

On April 30, 2024, an investor alleged that Bilo Bouab recommended unsuitable investments and made misrepresentations. This dispute was settled for $89,914.

On January 25, 2023, an investor alleged that Bilo Boaub mismanaged their discretionary account, recommended unsuitable investments, breached his contract, made misrepresentations and omissions, engaged in negligence and violated state and federal securities laws.

The client further alleged failure to supervise and violation of Regulation Best Interest. They sought damages of $350,000 and received a settlement of $145,000.

Disputes filed on October 20 and November 7, 2022, named Bilo Bouab in the following allegations:

• Violation of Regulation Best Interest
• Breach of written contract
• Negligence
• Misrepresentations and omissions
• Violation of FINRA Rules
• Violation of state and federal securities laws

The November 7 dispute further alleges failure to supervise. These disputes were settled for a collective $197,500.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take into account investors’ financial goals when recommending investments. Brokers must examine the information contained in an investor’s profile, such as their tax status, age, and investing experience.

Investors who rely on brokers for recommendations may be able to recover their losses through FINRA arbitration.

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish systems of supervision to identify and avoid violations of securities regulations. Firms must appoint supervisors and provide them with Written Supervisory Procedures (WSPs) to follow.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of fraudulent tactics, like deception or manipulation, as they relate to the purchase and sale of securities.

What is broker negligence?

Brokers may act in many negligent ways, ranging from unsuitable investment recommendations to excessive or unauthorized trading. Investors who have lost money through broker negligence may be able to recover their funds by pursuing FINRA arbitration.

FINRA Suspension

On June 3, 2015, Bilo Bouab consented to the entry of findings that he allegedly impersonated a client on approximately four occasions between October 2011 and May 2013.

According to a Letter of Acceptance, Waiver & Consent (AWC), a client allegedly requested that Bilo Bouab make calls on behalf of him and his wife to place trades in their accounts with an outside brokerage firm. Bilo Bouab allegedly impersonated the client and had a sales assistant impersonate the client’s wife on these calls to the outside firm.

The AWC concluded that this alleged misconduct violated FINRA Rule 2010.

Sanctions

Bilo Bouab consented to the following sanctions:

• $5,000 fine
• 20 business-day suspension

His suspension ran from July 6 through July 31, 2015.

You can read a copy of the AWC here.

Background Information

Bilo Bouab has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

He previously worked for the following firms:

• Garden State Securities (CRD#:10083) 
• American Portfolios Financial Services (CRD#:18487)
• Lantern Investments (CRD#:30996)
• Royal Alliance Associates (CRD#:23131)
• AXA Advisors (CRD#:6627)

Kurta Law Can Help

If you worked with Bilo Bouab and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want 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.