Barred Broker Antoine Souma to Pay Morgan Stanley Nearly $6.4 Million
Summary
Investors that suffered losses at the advice of Antoine Souma should immediately contact attorney Lawrence L. Klayman, Esq. Antoine Souma to Pay Morgan Stanley Nearly $6.4M in Clawback Fight Beverly Hills, California-based investment advisor Antoine Souma has been ordered to pay his one-time employer Morgan Stanley nearly $6.4 million in compensatory damages related to two promissory notes the firm paid the former broker as recruitment compensation. When Morgan Stanley originally hired Souma, he was ranked 76th on Barron’s 2016 Top 100 Financial Advisors with $3 billion in assets under his team’s management. In August 2019, J.P. Morgan Securities paid $14 million to settle an investor complaint against Souma that alleged the firm failed to supervise the former broker. The investor involved in the claim alleged Souma engaged in excessive and unsuitable trading, improperly exercised discretion, and falsified performance reports, among other securities violations.