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Bilo Bouab: $776K Complaint Against American Portfolios Advisor
Red Bank, New Jersey financial advisor Bilo Bouab (CRD# 4340284) recently received an investor complaint alleging damages exceeding $700,000. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Garden State Securities and Garden State Investment Advisory Services, respectively. He is also known as Nabil Bouab.
Mr. Bouab’s BrokerCheck report discloses one pending investor complaint. Filed in November 2022, it alleges that as a representative of American Portfolios Financial Services, he violated the SEC’s Best Interest Regulation, breached contract, breached his fiduciary duty, failed in his supervisory duties, acted negligently, made misrepresentations and omissions of material facts, and violated FINRA rules, state laws, and federal securities laws. The pending complaint alleges damages of at least $776,000.
Another disclosure on Mr. Bouab’s BrokerCheck report describes a 2015 FINRA enforcement action against him. According to the disclosure, FINRA found 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.” FINRA’s findings state further that he “caused a sales assistant to impersonate the client’s wife” in order to execute trades in the wife’s account. The findings note further that both the client and his wife asked Mr. Bouab to make the calls and question and authorized the underlying transactions. In connection with these findings, he was issued a 20-day suspension and a fine of $5,000.
According to the Financial Industry Regulatory Authority, Bilo Bouab holds 21 years of securities industry experience. Based in Red Bank, New Jersey, he has been a broker with Garden State Securities and an investment advisor with Garden State Investment Advisory Services since 2022. Having passed three securities industry qualifying exams, he is currently licensed in California, Connecticut, Delaware, Florida, Iowa, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Utah, and Virginia. (Information current as of December 13, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.