GARY S COSTELLO Boca Raton Florida

GARY S COSTELLO (GARY STEVEN COSTELLO II), was previously registered both as an investment advisor and as a broker. Costello, currently is not registered with any firms. According to FINRA’s BrokerCheck, available to the public on FINRA’s website, GARY S COSTELLO has been registered in the securities industry for 7 years and was listed with 4 firms.

GARY S COSTELLO, according to the SEC’s website, was listed with MORGAN STANLEY of Boca Raton, Florida in September of 2016, he then went to OPPENHEIMER & CO of Boca Raton in September of 2019. Then, in November of 2022, he went to TRUIST ADVISORY SERVICES of Palm Beach, Florida, until September of 2023 when he registered with AEGIS CAPITAL CORP of Lake Worth, Florida. According to FINRA’s BrokerCheck, Costello was “Permitted to Resign,” from AEGIS CAPITAL CORP on 3/15/2024 following the allegations, “The Registered Representative is the subject of numerous customer complaints. The alleged activity occurred at prior employing member firms.”

According to BrokerCheck, GARY S COSTELLO, has 11 disclosures on his FINRA CRD report dating back to August of 2023.  There are two disclosures listed as, “Employment Separation after Allegations,” one from AEGIS CAPITAL CORP and the other disclosure listed states that Costello was “discharged” from TRUIST INVESTMENT SERVICES, INC, dated 8/14/2023, following the allegations, “Mr. Costello was terminated after the firm investigated various trade corrections and margin activity in his personal account as well as client accounts. Mr. Costello cancelled trades he had placed in his personal accounts and he rebilled those trades to a number of clients' accounts, causing clients to incur losses for trades they did not place.”

Also listed on the BrokerCheck report are 9 “Customer Disputes.” The significance of Costello’s FINRA Customer Complaints is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words GARY S COSTELLO’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. 

Of the 9 “Customer Disputes,” 7 have settled and 2 are pending. One of the pending disputes is seeking $2,103,426.00 in damages with the allegations, “Claimants assert claims for churning, unauthorized withdrawals, negligence, gross negligence, breach of fiduciary duty, breach of contract, breach of the duty of good faith and fair dealing, fraud and state securities law violations. 07/2019 - 12/2022.”  There is a dispute that settled in August of 2023 for $1,023,816.60, following allegations of, “Clients allege that unauthorized trading occurred in their accounts from January 2023 to August 2023.”

If you have experienced financial losses due to the actions or recommendations of your broker/dealer contact the South Florida-based Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationally before FINRA on a contingency fee basis.