Did you lose money investing with Robert Costello (a/k/a Rob Costello) (CRD# 4624197)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Robert Costello (a/k/a Rob Costello). If you suffered losses investing with Robert Costello (a/k/a Rob Costello), then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of June 24, 2020, Robert Costello (a/k/a Rob Costello)’s FINRA BrokerCheck Report contains the following:
SUSPENDED: FINRA has suspended this individual from acting as a broker. Please see the detailed report for more information.
Disclosure Events
1 Regulatory Event(s)
UPDATE 6/24/2020: According to FINRA’s June 2020 Disciplinary Actions: Robert Francis Costello (CRD #4624197, Purchase, New York) April 20, 2020 – An AWC was issued in which Costello was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for four months. Without admitting or denying the findings, Costello consented to the sanctions and to the entry of findings that he mismarked corporate bond positions to improperly inflate the value of his portfolio by almost $1 million, thereby falsifying firm records. The findings stated that the mismarks in these positions, whether long or short, increased the profitability of Costello’s portfolio. Indeed, in each instance, Costello’s valuations were always greater for long positions or lower for short positions than both the average independent price and the prices displayed on the Trade Reporting and Compliance Engine (TRACE®). The findings also stated that Costello’s erroneous pricing of the corporate bond positions in his portfolio resulted in the firm recording inaccurate prices for corporate bonds in its books and records. The suspension is in effect from April 20, 2020, through August 19, 2020. (FINRA Case #2019061050401)
Current and Previous Registrations
09/13/2016 – 12/27/2018 PNC CAPITAL MARKETS LLC (CRD#:15647) NEW YORK, NY
08/03/2012 – 02/12/2016 RBS SECURITIES INC. (CRD#:11707) STAMFORD, CT
04/25/2008 – 06/13/2012 RBS SECURITIES INC. (CRD#:11707) STAMFORD, CT
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Robert Costello (a/k/a Rob Costello) and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
