Former GFIS Advisor Andrew Costa Receives Complaint

Fort Lauderdale financial advisor Andrew Costa (CRD# 4847063) has received multiple investor complaints alleging his investment recommendations resulted in losses. Financial Industry Regulatory Authority records show that he is a broker with Madison Avenue Securities, formerly registered with Global Financial Investment Services. 

Mr. Costa’s BrokerCheck report discloses seven investor complaints. The most recent, filed in February 2022, alleges that as a representative of Global Financial Investment Services, he recommended unsuitable investments and annuities. The pending complaint alleges damages of $100,000.

An earlier investor complaint, filed in 2021, alleged that as a GF Investment Services representative, he recommended multiple unsuitable alternative investments. In August 2022 the complaint reached a settlement of $192,500.

A third investor complaint, also filed in 2021, detailed allegations regarding life insurance and alternative investment products sold while Mr. Costa was at GF Financial Services. In July 2022 the complaint reached a settlement of $35,000.

A fourth investor complaint, filed in 2020, alleged he recommended unsuitable real estate investment trusts. In 2021 the complaint reached a settlement of $14,999.

A fifth investor complaint, filed in 2020, alleged he made unsuitable investment recommendations, breached his fiduciary duty, breached contract, and acted negligently. In August 2021 the complaint reached a settlement of $9,500.

A sixth investor complaint, also filed in 2020, alleged he recommended unsuitable real estate investment trusts and an unsuitable fixed annuity. The complaint reached a settlement of $22,500.

A seventh investor complaint, filed in 2020, concerned the supervision of sales of Woodbridge Notes, reaching a settlement of $26,500.

According to the Financial Industry Regulatory Authority, Andrew Costa holds 16 years of securities industry experience. Based in Fort Lauderdale, Florida, he has been a broker with Madison Avenue Securities since 2017. His past registrations include Global Financial Investment Services (Fort Lauderdale, Florida; 2010-2017) and Costa Financial Securities (Hollywood, Florida; 2004-2008). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He holds 20 state licenses. (Information current as of September 16, 2022.)

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