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Read MoreBilo Bouab: Garden State Advisor Receives 6-Figure Complaints
Red Bank, New Jersey financial advisor Bilo Bouab (CRD# 4340284) has received multiple investor complaints alleging that his conduct resulted in six-figure damages. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former Garden State Securities broker is currently registered as an investment advisor with Garden State Investment Advisory Services.
Mr. Bouab’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in April 2024, alleges that as a representative of Garden State Securities and American Portfolios Financial Services, he misrepresented and recommended unsuitable investments. The pending complaint alleges damages of $176,622.43.
A second investor complaint, filed in April 2024, similarly alleges that he recommended unsuitable investments and misrepresented material facts as a representative of American Portfolios Financial Services. The pending complaint alleges damages of $100,000.
A third investor complaint, filed in 2023, alleged that as a representative of American Portfolios Financial Services, he recommended unsuitable investments, mis-managed discretionary accounts, failed to act in the client’s best interest, misrepresented and omitted material facts, breached his fiduciary duty, breached contract, and acted negligently. The complaint reached a settlement of $145,000.
A fourth investor complaint, filed in 2022, alleged that he violated Regulation Best Interest, he breached his fiduciary duty, failed in his supervisory responsibilities, acted negligently, and violated FINRA rules. The complaint reached a settlement of $135,000.
A fifth investor complaint, filed in 2023, alleged that he breached contract, acted negligently, violated state and federal securities laws, and violated Regulation Best Interest. In 2024 the complaint reached a settlement of $62,500.
According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Bilo Bouab holds 23 years of securities industry experience. Based in Red Bank, New Jersey, he has been registered as an investment advisor with Garden State Investment Advisory Services since 2022. His past registrations include Garden State Securities, American Portfolios Financial Services, Lantern Wealth Advisors, Royal Alliance Associates, and AXA Advisors. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in New Jersey. (Information current as of July 8, 2024.)
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