FINRA Barred J.P. Morgan Securities LLC Broker Antoine Souma Accused of Structured Note Losses

J.P. Morgan Securities LLC

Erez Law is currently investigating former J.P. Morgan Securities LLC broker Antoine Souma (CRD# 4210987) regarding alleged structured note losses. The 23-year industry veteran was registered with Insigneo Securities, LLC in Los Angeles, California, between 2020 and 2022. 

Previously, he was registered with Morgan Stanley in Los Angeles, California, from 2016 to 2020 and with J.P. Morgan Securities LLC in Los Angeles, California, from 2010 to 2016. 

From April to December 2021, he was a managing member and investment advisor representative with Galliott Capital LLC, when he was terminated regarding “Termination requested by the State of California due to the FINRA suspension.”

In November 2021, FINRA sanctioned him to pay a $20,000 civil and administrative penalty and fine and suspended him for two months after he “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.” According to FINRA, “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.”

In December 2020, FINRA brought disciplinary action against Antoine Souma, which alleged that he caused inaccurate documents regarding a customer’s account to be sent to the customer. Violation of FINRA Rules 4511 and 2010 in that Souma caused his firms to fail to retain business-related electronic communications; and Violation of Article V, Section 2(c) of FINRA’s By-Laws and FINRA Rules 1122 and 2010 in that Souma willfully failed to disclose a customer complaint on his Uniform Application for Securities Industry Registration or Transfer (Form U4). On April 2, 2021, FINRA made a preliminary determination to recommend that disciplinary action be brought against Antoine Souma alleging willful violations of MSRB Rule G-17 in that he, while registered through an association with his member firm, caused inaccurate documents regarding a customer’s account to be sent to the customer and this conduct also violated FINRA Rule 2010; and willful violation of MSRB Rule G-17 in that he, while registered through associations with member firms, caused the firms to fail to retain business-related electronic communications and this conduct also violated FINRA Rules 4511 and 2010.

In February 2023, FINRA barred him after he refused to produce information and documents requested by FINRA in connection with its investigation into his participation in private securities transactions. 

Antoine Souma Customer Complaints

He has been the subject of three customer complaints between 2016 and 2022, one of which was denied, according to his CRD report:

August 2022. “Claimant alleges that Mr. Souma made unsuitable recommendations and unauthorized transactions in its account. The alleged events occurred from August 2020 through April 2022.” The customer is seeking $2 million in damages in this pending complaint. 

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 is seeking $14,000,000 in damages, and the case is currently pending. The complaint was regarding structured notes and fixed income and took place while he was registered with J.P. Morgan Securities LLC.

Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, J.P. Morgan Securities LLC may be liable for investment or other losses suffered by Antoine Souma’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.

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