Gerard Joseph Costello of New York New York a stockbroker formerly registered with UBS Financial Services Inc. is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer requested up to $100,000.00 in damages founded on allegations that there were unsuitable recommendations by Costello in regard to an options overlay strategy which caused the customer to sustain damages. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-02764 (Sept. 1, 2020). The claim also alleges that misrepresentations had been made to the UBS Financial Services customer concerning this investment strategy.
FINRA Public Disclosure reveals that Costello has been identified in seven more customer initiated investment related disputes involving accusations of his misconduct while employed by securities broker dealers including UBS Financial Services and Credit Suisse Securities (USA) LLC. On December 26, 2018, a customer filed an investment related complaint involving Costello’s conduct in which the customer sought compensatory damages supported by allegations that between December of 2017 and December of 2018, an unsuitable options strategy was implemented in the customer’s account at UBS Financial Services. The complaint alleges that this strategy had been portrayed as a low risk investment. According to the claim, the customer was misled and had experienced losses.
On April 15, 2020, another customer filed an investment related arbitration claim concerning Costello’s activities where the customer requested $890,000.00 in damages founded on allegations that Costello provided bad advice to the customer regarding 2017-2020 options investments. The claim additionally alleges that Costello misrepresented information concerning the strategy used for the customer’s account at UBS Financial Services. FINRA Arbitration No. 20-01035.
Costello is also referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer sought $656,000.00 in damages supported by accusations that the customer was steered by Costello in 2017 to invest in misrepresented investments. FINRA Arbitration No. 20-01973 (July 1, 2020). Also on July 1, 2020, a customer filed an investment related complaint involving Costello’s conduct where the customer requested $501,704.47 in damages based upon allegations that from January 2, 2018 to July 20, 2020, misrepresentations had been made to them concerning the volatility of investments held in their UBS Financial Services managed account.
Costello is the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $165,000.00 in damages based upon accusations including unsuitability and misrepresentation regarding the customer’s purchase and retention of options at UBS Financial Services between 2017 and 2019. FINRA Arbitration No. 19-02295 (Oct. 6, 2020).
Costello has been registered as a stockbroker and investment adviser representative of UBS Financial Services since November 20, 2015.