Erez Law is currently investigating former American Portfolios Financial Services, Inc. broker Nabil Bouab (CRD# 4340284), who is accused of unsuitable investment recommendations. He has been registered with Garden State Securities, Inc. in Red Bank, New Jersey, since 2022. Previously, he was registered with American Portfolios Advisors, Inc. in Holbrook, New York, from 2013 to 2022 and with American Portfolios Financial Services, Inc. in Ho-Ho-Kus, New Jersey, from 2013 to 2022. Previously, he was registered with Lantern Wealth Advisors, LLC, and Lantern Investments, Inc. in New York, New York, in July 2013. Prior to then, he was registered with Royal Alliance Associates, Inc. in Colts Neck, New Jersey, from 2009 to 2013, when he was terminated related to, “the representative impersonated a client with their permission, in violation of company policy.”
In June 2015, FINRA sanctioned him to a $5,000 civil and administrative penalty and fine and suspended him for 20 days after he “consented to the sanctions and to the entry of findings that he impersonated a client during telephone calls with the client’s outside brokerage firm in order to place rebalancing trades in the client’s account. The findings stated that Bouab also caused a sales assistant to impersonate the client’s wife to effect trades in the wife’s account at the same brokerage firm. The client and his wife asked Bout to make these calls on their behalf and had authorized the underlying transactions.20 business days.”
Nabil Bouab Customer Complaints
He has been the subject of three customer complaints between 2022 and 2023, one of which was withdrawn, according to his CRD report:
January 2023. “Claimant alleges unsuitable investments, mismanagement of discretionary accounts, failure to act in the best interest of Claimant, misrepresentations and omissions, breach of fiduciary duty, breach of contract, failure to supervise, negligence, violation of the state and federal securities laws.” The customer is seeking $350,000 in damages, and the case is currently pending. The complaint took place while he was registered with American Portfolios Financial Services, Inc., and it was related to common and preferred stocks and special purpose acquisition companies.
November 2022. “Claimant alleges violation of Best Interest Regulation, breach of written contract, breach of fiduciary duty, failure to supervise, negligence, misrepresentations & omissions, violation of FINRA rules, violation of state and federal securities laws.” The customer is seeking $776,000 in damages, and the case is currently pending. The complaint took place while he was registered with American Portfolios Financial Services, Inc., and it was related to common and preferred stocks and special purpose acquisition companies.
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, American Portfolios Financial Services, Inc. may be liable for investment or other losses suffered by Nabil Bouab’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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