Customer Accuses Merrill Lynch Of Failure To Execute

Robert John Kostigen of Burlington Massachusetts a stockbroker currently employed by Merrill Lynch Pierce Fenner Smith Inc. is the subject of a customer initiated investment related written complaint on March 8, 2018 where the customer requested more than $5,000.00 in damages based upon allegations that the customer’s mutual fund investment instructions failed to be followed in July of 2016.

Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Kostigen is referenced in two more customer initiated investment related disputes pertaining to accusations of Kostigen’s wrongdoing while employed by Merrill Lynch and Banc of America Investment Services, Inc. Specifically, on October 9, 2008, a customer filed an investment related complaint involving Kostigen’s conduct in which the customer requested $62,337.04 in damages supported by allegations that misrepresentations had been made to the customer concerning the terms and conditions of a guaranteed income rider on a variable annuity issued by The Hartford. Apparently, the customer was misled regarding principal protection and the rate that the customer’s assets would accumulate in value.

Kostigen also disclosed a customer initiated investment related arbitration claim in which Banc of America was ordered to rescind customers’ variable annuity policies based upon having been found liable on the customers’ claims of fraud, breach of contract, negligence, violation of Massachusetts’ Securities Act, failure to supervise, breach of fiduciary duty, omission and misrepresentation and suitability. FINRA Arbitration No. 09-05044 (Oct. 8, 2010).

FINRA Public Disclosure further reveals that Kostigen has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that Kostigen inappropriately placed customers’ signatures and initials on their annuity account documentation in violation of National Association of Securities Dealers (NASD) Rule 2110. Letter of Acceptance Waiver and Consent No. 2010024538301 (Sept. 18, 2012).

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