Gerard Costello Possibly Misrepresented Options

UBS Clients Indicate That Broker Gerard Costello Misrepresented Investments

Soreide Law Group is reviewing possible investor claims against securities broker Gerard Costello [CRD#: 1551511, New York, NY]. Apparently, Financial Industry Regulatory Authority (“FINRA”) BrokerCheck shows that at least 3 clients raised serious concerns about the securities broker, who joined UBS Financial Services on November 20, 2015. Supposedly, clients of UBS indicate that Costello recommended unsuitable or misrepresented options transactions. Here is a brief summary of the troubling disclosures concerning Costello:

Costello Allegedly Gives Bad Advice To UBS Client

Evidently, a client of UBS contested Gerard Costello’s actions in FINRA Arbitration #: 19-02295 dated September 3, 2019. Allegedly, Costello made inappropriate recommendations for the client’s account. Apparently, the broker's recommendations relating to an options overlay strategy were seemingly inconsistent with the client's risk tolerance. Not only that, but Costello allegedly misled clients about the strategy from 2017 to 2019. For this reason, the client demanded compensation from UBS or Costello in the amount of $348,000 in this ongoing matter.

UBS Client Suggests Gerard Costello Misrepresented Risks

Apparently, on December 26, 2018, a UBS client brought an investment dispute concerning Gerard Costello. Mainly, the client asserted that Costello was misleading when marketing an options overlay strategy. It seems that Costello led the client to believe that the strategy was not as risky as it really was. Also, the client indicated that the broker made inadequate financial disclosures about past performance. As a result of losses sustained from December 2017 to December 2018, the client demanded compensatory relief from UBS or Costello. However, the claim was denied on March 22, 2019.

Costello Allegedly Sold Inappropriate Investments

Evidently, a third client of UBS contested Gerard Costello’s actions by filing a complaint dated April 9, 2018. Allegedly, Costello sold investments which did not gel with the client’s risk tolerance between September 11, 2017 and April 6, 2018. Also, these investments were purportedly more volatile than Costello represented. Because of this, the client made a claim for compensatory damages from UBS or Costello. However, the complaint was withdrawn on July 13, 2018.

Losses By Investing With UBS Financial Securities Broker Gerard Costello?

Have you experienced losses by investing with Gerard Costello? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning 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 incurred losses due to misconduct of securities firms and brokers like Costello.