David Bruce Korostoff of Jersey City New Jersey a stockbroker and investment adviser representative of The GMS Group LLC is the subject of a customer initiated investment related arbitration claim where the customer sought $92,000.00 in damages founded on allegations that the customer had been sold municipal debt investments in January of 2018 which were not suitable for the customer given their risk tolerance. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00472 (May 21, 2020).
This is not the first occasion in which Korostoff has been accused by a customer of sales practice violations where a customer sustained losses. FINRA Public Disclosure shows that on May 4, 2018, a customer filed an investment related complaint involving Korostoff’s conduct in which the customer requested $80,000.00 in damages supported by accusations that the customer received unsuitable investment advice from Korostoff as it pertained to mutual funds and municipal debt investments held by the customer while Korostoff was associated with GMS Group.
Korostoff has been registered with The GMS Group since January 26, 1989 as a stockbroker and registered on September 1, 2010 as an investment adviser representative.
