Gary Steven Costello II, of Boca Raton, Florida, a stockbroker registered with Oppenheimer Co. Inc., is the subject of an investment related FINRA securities arbitration claim in which the customer requested $2,103,426.00 in damages based upon allegations that Costello engaged in churning, unauthorized withdrawals, negligence, breach of fiduciary duty, breach of contract, fraud, and state securities law violations in connection with the sale of corporate bonds, options, stocks, MLPs and UITs during the period that Costello was associated with Oppenheimer Co. Inc. FINRA Arbitration No. 23-02597 (September 25, 2023).
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Costello is referenced in four other customer initiated investment related disputes concerning Costello’s conduct while he was associated with securities broker dealers. On August 16, 2023, a customer filed an investment related complaint involving Costello’s conduct in which the customer requested damages exceeding $5,000.00 based upon allegations that Costello engaged in unauthorized trading in stocks during the time that Costello was associated with Truist Investment Services Inc.
Costello faced a different customer initiated investment related complaint filed on August 16, 2023. The complaint, still pending, alleged unauthorized trading in the customer’s account, spanning from January of 2023 to August of 2023. This incident occurred when Costello was associated with Truist Investment Services Inc.
In a separate event, on August 16, 2023, a customer filed an investment related complaint concerning Costello’s conduct. The complaint mirrors the previous one, with allegations of unauthorized trading in the customer’s account from December of 2022 to August of 2023. This complaint too remains unresolved.
Costello is also the subject of a customer initiated investment related complaint filed on August 25, 2023, in which the customer requested damages in excess of $5,000.00 based upon allegations that Costello engaged in unauthorized trading in stocks and other equities during the time that Costello was associated with Truist Investment Services Inc.
Costello’s registration with Truist Investment Services Inc. was terminated August 14, 2023. He was discharged following the firm’s investigation into trade corrections and margin activity in both his personal and customer accounts. The specific issues under investigation related to stocks and equities.
Costello has been associated with Aegis Capital Corp. in Boca Raton, Florida since September 11, 2023, as a stockbroker, and since September 12, 2023, as an investment adviser representative. Previously, he was registered with Truist Advisory Services Inc. in Palm Beach, Florida from November 21, 2022, to September 13, 2023, as an investment adviser representative, and Truist Investment Services Inc. in Palm Beach, Florida from November 16, 2022, to September 13, 2023, as a stockbroker. His other past stockbroker registrations include Oppenheimer Co. Inc. and Morgan Stanley, both in Boca Raton, Florida.
