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Antoine Sabah: Why Did FINRA Bar Insigneo Broker?
Beverly Hills financial advisor Antoine Sabah (CRD# 4210987) was recently sanctioned in connection with alleged private securities transactions. Records provided by the Financial Industry Regulatory Authority and the Securities and Exchange Commission indicate that the former Insigneo Securities broker is currently an investment advisor with Galliott Capital Advisors.
According to a disclosure on Mr. Sabah’s BrokerCheck report, FINRA sanctioned him in February 2023 in connection with allegations he refused to produce documents and information requested by FINRA. The regulator’s findings state further that FINRA requested information as part of an investigation into Mr. Sabah’s compliance with FINRA Rule 3280, which concerns participation in private securities transactions. “The findings stated that FINRA sent an additional request to Souma seeking information and documents in connection with an ongoing customer arbitration filed against him,” the disclosure states. In connection with these findings, he was indefinitely barred from acting as a broker.
Mr. Galliott’s BrokerCheck report also discloses several investor complaints. The most recent, filed in August 2022, alleges that as a representative of Insigneo Securities, he recommended unsuitable investments and engaged in unauthorized trading. The pending complaint alleges damages of $2 million.
An earlier investor complaint, filed in 2016, alleged excessive and unsuitable trading, the use of discretion, the falsification of performance reports, failure to extend a promised credit line, breach of fiduciary duty, misrepresentation and omission of material facts, breach of contract, supervisory failures, and more. In 2019 the complaint reached a settlement of $14 million.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Antoine Sabah holds 22 years of securities industry experience. Based in Beverly Hills, California, he has been an investment advisor with Galliott Capital Advisors since February 2022. His past registrations include Insigneo Securities, Morgan Stanley, JP Morgan Securities, Deutsche Bank Securities, and UBS Financial Services. He holds four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed as an investment advisor in California. (Information current as of February 26, 2023.)
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