Gary Costello Allegedly Made Unauthorized Trades

Gary Costello (CRD# 6117388[1]), a broker registered with Aegis Capital, made unauthorized trades, according to multiple investor disputes. MDF Law is investigating the Boca Raton, Florida-based financial professional for similar conduct. Call us for a free consultation if you have concerns about your accounts.

To learn more about the allegations against Mr. Costello, continue reading this post. The information below is sourced from his BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA) resource accessed on February 14, 2024. 

Pending Disputes Seek 7-Figure Damages

Seven parties of investors have filed disputes involving Mr. Costello since August 2023. Five of these disputes allege that he made unauthorized trades in the claimants’ accounts. Two detail additional allegations including over-concentration, churning, negligence, breach of fiduciary duty, and unauthorized withdrawals. The disputes, which remain pending, seek more than $2.5 million in cumulative damages.

Understanding FINRA’s Investor Protections

The allegations against Mr. Costello involve several common forms of broker misconduct. An unsuitable investment, for instance, describes a product or strategy that is inappropriate for a customer’s profile: their experience, goals, financial situation, risk tolerance, and other factors. Over-concentration is when a significant proportion of a customer’s accounts are invested in the same security or asset class, exposing them to potentially enhanced risk. (As FINRA puts it[2], over-concentrating is similar to putting too many eggs in one basket.) An adviser’s fiduciary duty, meanwhile, describes their obligation to put an investor’s interests before their own.

FINRA: Aegis Capital Broker Based in Boca Raton, Florida

Gary Costello launched his career as a broker in 2016, when he registered with Park Avenue Securities’ office in Hollywood, Florida. He left the firm later that year for Morgan Stanley’s office in Boca Raton, which he departed in 2019 to join Oppenheimer & Company. He worked at Oppenheimer until 2022, when he joined Truist Investment Services in Palm Beach, Florida. He left Truist the following year for Aegis Capital’s Boca Raton office, where he remains today. With seven years of experience as a broker, he has completed four industry exams, including the Series 66 and the Series 7. 

Gary Costello Complaints? Contact MDF Law Today

Are you a current or former Gary Costello customer with concerns about your investments? You may be able to recover losses. Contact MDF Law if your broker failed to disclose certain products’ risks, recommended unsuitable investments, excessively traded your accounts, or participated in other forms of misconduct. We only receive a fee when our clients recover lost funds, and our attorneys offer free consultations across the US. Your time to file a claim may be limited, so we encourage you to avoid delay. Call 800-767-8040 today.