Investors are piling on complaints about G.F. Investment Services LLC securities broker Andrew Montgomery Costa (CRD#: 4847063, Fort Lauderdale, Florida). Specifically, the Financial Industry Regulatory Authority (“FINRA”) reports troubling allegations of Costa’s misconduct as referenced by more than seven clients since February 2018. These disputes seem to suggest that Costa recommended or sold unsuitable REITs to clients. Read on to learn more about the allegations against Costa.
G.F. Investment Services Client Indicates Andrew Costa Sold Bad REITs
FINRA BrokerCheck shows a FINRA Arbitration #: 19-01952 brought by a G.F. Investment Services client on September 17, 2019. Namely, the client indicated that Andrew Costa sold an unsuitable real estate investment trust (REIT) product. This risky investment seems to have conflicted with the client’s investor profile, and the purchase of it led to losses. Because of this, the client demanded $51,000 in damages in this ongoing matter.
Client Of G.F. Indicates That Costa Recommended Or Facilitated Bad Promissory Note Purchase
In FINRA Arbitration #: 19-00496, brought by the G.F Investment Services client on March 27, 2019, the client claims that Costa recommended or somehow facilitated the purchase of bad promissory note products. It is possible that by acting on Costa’s recommendations, the client purchased investments which were not appropriate. For this reason, G.F. Investment Services opted to settle the matter by paying the client $15,000.
Andrew Costa Allegedly Acts Negligent, Breaches Fiduciary Duty
Evidently, a fourth G.F. Investment Services client brought FINRA Arbitration #: 18-00798 on March 1, 2018. First of all, the client suggested that Andrew Costa failed to comply with his fiduciary responsibility. Secondly, the client suggested that Costa was negligent through his recommendation of real estate security products. Apparently, the client experienced losses by acting on Costa’s bad investment recommendations. As a result, on February 1, 2019, G.F. Investment Services compensated the client to the tune of $10,000 to resolve the matter.
G.F. Investment Services Client Alleges Costa Recommended Bad Real Estate Security
Evidently, on February 26, 2018, yet another client of Andrew Costa’s at G.F. Investment Services LLC brought FINRA Arbitration #: 18-00695. First of all, the client indicated that Costa advised the client to buy a real estate security that was not proper for the client’s situation. Apparently, the client purchased the investments because of Costa’s advice and then experienced losses. For this reason, the client demanded $700,000 in damages in this ongoing matter. However, Costa denies that he is responsible for harming the client.
Andrew Costa Contributes Money In Settlement Of Client’s Arbitration Claim
A number of additional G.F. Investment Services clients disputed Andrew Costa’s sales practices in February 2018. Specifically, the clients alleged in FINRA Arbitration #: 18-00600 that there were “suitability issues” with Costa’s recommendations. It is possible that Costa lacked any basis whatsoever in recommending annuities and real estate securities. Supposedly, Costa failed to consider the client’s liquidity needs, risk tolerance, or overall circumstances when making recommendations and sales. Evidently, G.F. Investment Services settled this matter on December 20, 2018 by paying $175,000 to the aggrieved investor. Notably, Costa personally contributed $20,000 towards the resolution of this matter.
Have you experienced losses by investing with Andrew Costa? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.