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.
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