FINRA Bars High-Producing Beverly Hills Advisor

Posted on March 9th, 2023 at 5:40 PM
FINRA Bars High-Producing Beverly Hills Advisor

From the Desk of Jim Eccleston at Eccleston Law

The Financial Industry Regulatory Authority (FINRA) has barred a Beverly Hills-based advisor, Antoine Souma, who allegedly participated in a private securities transaction in violation of industry rules.

Souma consented to the bar rather than cooperate with FINRA’s investigation, according to a letter of settlement. Souma, who had ranked 76th on “Barron’s” Top 100 Financial Advisors list in 2016, has previously faced discipline from FINRA. Souma agreed to a two-month suspension and a $20,000 fine in November 2021 over allegations that he had sent an account report to a client that misstated account values, performance, and commissions. Souma has been operating his own investment advisory firm, Galliot Capital Advisors in Beverly Hills, which oversaw $1.2 billion in assets, according to FINRA.

The FINRA settlement will not impact his investment adviser license, which is governed by the Securities and Exchange Commission (SEC), unless the agency or state regulators pursue discipline. The settlement did not discuss details regarding the alleged private securities transactions. However, Souma’s BrokerCheck lists a pending customer compliant from August 2022 seeking $2 million based on allegations of unsuitable recommendations and unauthorized transactions between August 2020 and April 2022.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

Tags: Eccleston, Eccleston Law

Return to Archive

TESTIMONIALS

Previous
Next

Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

Greg P.

LATEST NEWS AND ARTICLES

June 30, 2025
SEC Charges New Mexico Investment Advisor with Fee Fraud and Fiduciary Breaches

The Securities and Exchange Commission (“SEC”) has charged David A. Nagler and his firm, New Line Capital LLC, with defrauding clients through deceptive fee disclosures and undisclosed conflicts of interest.

 

June 27, 2025
FINRA Sanctions Advisor for Accepting $1 Million Inheritance from Client Without Firm Approval

FINRA has fined and suspended veteran advisor Kenneth J. Malm for accepting a $1 million inheritance from a client without receiving the necessary firm approval.

June 26, 2025
SEC Charges Marine Veteran in $2.5 Million Ponzi Scheme

The Securities and Exchange Commission (“SEC”) has charged Marine Corps veteran Christopher Aubin with fraud, accusing him of running a $2.5 million Ponzi scheme that defrauded dozens of investors, including several of his former military colleagues.