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).

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

This posting and the information on our website is for general information purposes only. This content should be not considered legal advice, and any responses, comments, e-mails, other communications do not form any attorney client relationship. Attorney Advertisement. See Important Disclaimer

Guiliano Law Group

Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.

For more information concerning common claims against stockbrokers and investment professionals, please visit us at stockbrokerfraud.com

To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com

Tags: ,

No comments yet.

Leave a Reply

Name (required)

Email (will not be published) (required)

Website

%d bloggers like this: