There are options for clients of former Truist Investment Services, Inc. broker Gary Costello (CRD# 6117388) who suffered investment losses.
He was registered with Aegis Capital Corp. in New York, New York, from 2023 to 2024, when he was terminated regarding, “The Registered Representative is the subject of numerous customer complaints. The alleged activity occurred at prior employing member firms.” He was registered with Truist Investment Services, Inc. in Palm Beach, Florida, from 2022 to 2023, when he was terminated regarding, “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.” He was registered with Oppenheimer & Co. Inc. in Boca Raton, Florida, from 2019 to 2022, Morgan Stanley in Boca Raton, Florida, from 2016 to 2019, and Park Avenue Securities LLC in Hollywood, Florida, in 2016.
Gary Costello Customer Complaints
He has been the subject of nine customer complaints between 2023 and 2024, according to his CRD report:
January 2024. “Authorized party to account alleges that after a review of the account statements it appears as if trades were executed in early 2023 without permission.” The customer sought $141,749 in damages, and the case was settled for $146,147.28. The complaint took place while he was registered with Truist Investment Services, Inc., and it was regarding common and preferred stocks.
December 2023. “Claimants allege they suffered losses because of unsuitable, unauthorized and over concentrated invests and allege claims for unsuitability and violations of FINRA Rules. From 2019-Present.” The customer is seeking $300,000 in damages, and the case is currently pending. The complaint took place while he was registered with Oppenheimer & Co. Inc., and it was regarding equity OTC, common and preferred stocks, and exchange traded funds (ETFs).
September 2023. “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.” The customer sought $2,103,426 in damages, and the case was settled for $1,200,000. The complaint took place while he was registered with Oppenheimer & Co. Inc., and it was regarding corporate debt, common and preferred stocks, options, unit investment trusts (UITs), and MLPs.
August 2023. “Client alleges unauthorized trading occurred in his account in 2023.” The case was settled for $128,131.27. The complaint took place while he was registered with Truist Investment Services, Inc., and it was regarding common and preferred stocks.
August 2023. “Client alleges unauthorized trading occurred in his accounts in 2023.” The case was settled for $3,320.24. The complaint took place while he was registered with Truist Investment Services, Inc., and it was regarding common and preferred stocks.
August 2023. “Clients allege that unauthorized trading occurred in their accounts from January 2023 to August 2023.” The case was settled for $1,023,816.60. The complaint took place while he was registered with Truist Investment Services, Inc., and it was regarding common and preferred stocks.
August 2023. “Client alleges that unauthorized trading occurred in his account from December 2022 to August 2023.” The case was settled for $99,086.44. The complaint took place while he was registered with Truist Investment Services, Inc., and it was regarding common and preferred stocks.
August 2023. “Clients alleges no authorization was given for transactions that occurred in 2023 which resulted in substantial losses.” The case was settled for $234,451. The complaint took place while he was registered with Truist Investment Services, Inc., and it was regarding common and preferred stocks.
August 2023. “Client alleges she did not approve all trades before execution in 2023.” The case was settled for $808,930.69. The complaint took place while he was registered with Truist Investment Services, Inc., and it was regarding common and preferred stocks.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Truist Investment Services, Inc. may be liable for investment or other losses suffered by Gary Costello’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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