Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Gerard Costello: Options Strategy Complaints Against NYC Broker
Gerard Costello (CRD# 1551511), a broker and investment adviser registered with UBS Financial Services, has received several pending complaints involving recommendations that customers invest in an options overlay strategy offered by UBS. A representative of the firm’s office in New York, New York, Costello has records listing actions that seek more than $1.5 million in damages, as of July 10, 2020.
An April 2020 complaint alleges that while he was a representative of UBS Financial Services, Costello misrepresented material facts relating to an unsuitable recommendation to invest in and hold an options overlay strategy. The pending complaint seeks damages of $350,000.
Another pending complaint filed in April 2020 alleges that while registered at UBS, Costello misrepresented and recommended an unsuitable investment of the same nature beginning in late 2017. This complaint alleges damages of $890,000, and remains pending before FINRA.
A pending complaint filed in 2019 similarly alleges that Costello, as a representative of UBS Financial Services in New York, unsuitably recommended an options overlay strategy, and made misrepresentations of facts surrounding the investment. The pending complaint alleges damages of $348,000.
Gerard Costello has been registered with UBS Financial Services in New York, New York since 2015. His previous registrations include Credit Suisse Securities and Donaldson Lufkin & Jenrette Securities, the former in New York City and the latter in both New York City and Jersey City, New Jersey. He has passed three securities industry qualifying examinations: Uniform Combined State Law Examination, or Series 66; Securities Industry Essentials Examination, or SIE; and General Securities Representative Examination, or Series 7. His self-regulatory organization (SRO) registrations include FINRA, NYSE American, NYSE Arca, Nasdaq ISE, Nasdaq PHLX, the Nasdaq Stock Market, the Chicago Board Options Exchange, and the New York Stock Exchange. His BrokerCheck report lists 55 state securities licenses. (Information current as of July 10, 2020.)