GARY COSTELLO Has Multiple Investor Complaints Alleging Unauthorized Trades – Goodman & Nekvasil, P.A. May Recover Investor Losses
Former AEGIS CAPITAL CORP. investment adviser, GARY COSTELLO Has Multiple Investor Complaints Alleging Unauthorized Trades.
GARY STEVEN COSTELLO II, Gary Steven Costello
CRD#: 6117388
Call 800-500-4442 if you think that you have received unsuitable investment recommendations from your adviser.
SEC Issues Cease & Desist
According to the SEC, From March to August 2023, Costello had BD-IA cancel certain losing trades he had placed in his personal brokerage account and then rebill them to some of his clients’ and customers’ accounts (the “cancel-rebills”). In all, Costello transferred 30 securities purchases with almost $1.3 million in unrealized trading losses to client and customer accounts. By having BD-IA cancel-rebill the trades, Costello transferred those unrealized losses to some of his clients and customers. As a result of his conduct, Costello willfully violated Section 17(a) of the Securities Act, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Advisers Act.
Costello was employed as a registered representative for the following broker dealers:
07/19/2019 – 11/18/2022 OPPENHEIMER & CO. INC. (CRD#:249) BOCA RATON, FL
08/03/2016 – 05/17/2019 MORGAN STANLEY (CRD#:149777) BOCA RATON, FL
02/25/2016 – 08/04/2016 PARK AVENUE SECURITIES LLC (CRD#:46173) HOLLYWOOD, FL
The customer claims have settled for approximately $3.7 Million for alleged damages.
On February 4, 2025 Gary Steven Costello II was permanently barred by FINRA from associating with a member firm in any capacity.
GARY COSTELLO Has Multiple Investor Complaints Alleging Unauthorized Trades.
Goodman & Nekvasil, P.A., is investigating brokers who may have unsuitably recommended investments to their clients.
St. Petersburg, Florida law firm Goodman & Nekvasil, P.A., has a national practice representing victimized investors. The firm continues to investigate brokerage firms that placed elderly retirees and other conservative investors in unsuitable investments.
Goodman & Nekvasil, P.A., has filed numerous cases against brokerage firms selling high-risk investments and has recovered more than $400 million dollars on behalf of victimized investors.
We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives.
There is no charge for an evaluation of your case. We handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee.
If you incurred losses on your investment and would like your case evaluated by a securities attorney, please contact us.
Some of the information in this blog post was obtained from FINRA on 2/05/25. If you believe this information was reported incorrectly, please contact our firm: 1-800-500-4442.