Madison Avenue Securities Sued For Unregistered Securities

Andrew Montgomery Costa of Fort Lauderdale Florida a stockbroker currently registered with Madison Avenue Securities LLC has been identified in a customer initiated investment related arbitration claim in which the customer requested $90,000.00 in damages based upon allegations of the customer sustaining losses from Madison Avenue Securities’ failure to supervise the sale of Woodbridge Notes..

FINRA Public Disclosure indicates that Costa is the subject of seven more customer initiated investment related disputes pertaining to allegations of his bad business practices while employed by securities broker dealers including GF investment Services LLC and Madison Avenue Securities. On February 26, 2018, a customer filed an investment related arbitration claim pertaining to Costa’s conduct in which the customer requested $700,000.00 in damages supported by allegations of a bad real estate investment security being recommended to the customer when Costa was employed by GF Investment Services. FINRA Arbitration No. 18-00695.

Costa is also referenced in a customer initiated investment related arbitration claim where the customer sought $100,001.00 in damages based upon accusations of sales practice violations including misrepresentations being made to the customer with regard to the sale of an unregistered security. FINRA Arbitration No. 18-01871 (July 20, 2018). On August 7, 2019, another customer initiated investment related civil action involving Costa’s conduct was settled for $15,000.00 in damages based upon allegations of losses caused by a promissory note sold to the customer in 2016. Civil Action No. 1:18-cv-01293-STV.

Costa is also referenced in a customer initiated investment related arbitration claim which was resolved for $15,000.00 in damages founded on accusations of the customer being placed into inappropriate promissory notes. FINRA Arbitration No. 19-00496 (Aug. 9, 2019). The stockbroker is the subject of another customer initiated investment related arbitration claim which was settled to resolve accusations of the sale of a real estate investment trust which failed to be suitable for the GF Investment Services customer and which generated unwarranted investment losses. FINRA Arbitration No. 19-01952 (Dec. 19, 2019).

Costa’s employment with GF Investment Services was terminated on August 8, 2017. He has been employed by Madison Avenue Securities since August 7, 2017.