Gary Costello, Truist and Aegis Accused of Unauthorized Trading, Haselkorn & Thibaut Investigates

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Investors are facing a serious situation as clients allege that unauthorized trading occurred in their accounts from January 2023 to August 2023, involving Gary Costello of TRUIST INVESTMENT SERVICES, INC. and AEGIS CAPITAL CORP. (CRD 15007). This allegation, filed on August 16, 2023, and currently pending, raises significant concerns for investors who have entrusted their funds to these financial institutions and their representatives.

The potential impact of unauthorized trading on investors’ portfolios cannot be overstated. Unauthorized trades, executed without the explicit consent of the account holder, can lead to substantial financial losses and undermine the trust between investors and their financial advisors. As this case unfolds, it is crucial for affected investors to stay informed and take necessary steps to protect their interests.

Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is currently investigating Gary Costello and the associated companies. With over 50 years of experience and a remarkable 98% success rate, Haselkorn & Thibaut offers free consultations to clients who may have suffered losses due to unauthorized trading or other forms of financial advisor misconduct. Investors can contact the firm toll-free at 1-888-885-7162 to discuss their case and explore potential legal options.

Understanding Unauthorized Trading and FINRA Rule 2010

Unauthorized trading occurs when a financial advisor executes trades in a client’s account without obtaining prior consent or authorization. This practice violates FINRA Rule 2010, which requires financial advisors to observe high standards of commercial honor and just and equitable principles of trade. By engaging in unauthorized trading, advisors breach their fiduciary duty to act in the best interests of their clients.

FINRA Rule 2010 serves as a cornerstone of investor protection, ensuring that financial advisors maintain integrity and fairness in their dealings with clients. When advisors disregard this rule and execute trades without proper authorization, they not only jeopardize their clients’ financial well-being but also erode the trust that forms the foundation of the investor-advisor relationship.

The Significance of Unauthorized Trading for Investors

Unauthorized trading can have severe consequences for investors, including:

  • Financial losses due to unsuitable or excessive trading
  • Disruption of investment strategies and financial goals
  • Breach of trust between investors and their financial advisors
  • Potential tax implications arising from unauthorized transactions

Investors who suspect that unauthorized trading has occurred in their accounts should promptly seek the guidance of experienced investment fraud attorneys. Haselkorn & Thibaut offers free consultations to help investors assess their case and determine the most appropriate course of action.

Red Flags and Recovering Losses Through FINRA Arbitration

Investors should be vigilant for red flags that may indicate financial advisor malpractice, such as:

  • Unexplained or excessive trading activity in their accounts
  • Trades that deviate from their stated investment objectives and risk tolerance
  • Lack of communication or transparency from their financial advisor
  • Inconsistencies between account statements and trade confirmations

If investors suspect unauthorized trading or other forms of misconduct, they may be able to recover their losses through FINRA Arbitration. FINRA Arbitration provides a forum for resolving disputes between investors and financial advisors, offering a more efficient and cost-effective alternative to traditional litigation.

Haselkorn & Thibaut‘s experienced investment fraud attorneys can guide investors through the FINRA Arbitration process, leveraging their expertise to pursue the recovery of losses. With a proven track record of success and a “No Recovery, No Fee” policy, Haselkorn & Thibaut is committed to fighting for investors’ rights and holding financial advisors accountable for their misconduct.

For more information about Gary Costello‘s FINRA BrokerCheck report, please visit: https://brokercheck.finra.org/individual/summary/6117388

Disclaimer: The information contained in any post on this website is derived from publicly available sources and is not guaranteed as to accuracy and often involves allegations which may or may not be proven at some point in the future. All posts are believed to be accurate as of the time of original posting, but the accuracy and details are subject to and expected to change over time and which may contain opinions of the author at the time posted.
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