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Fernando Costa Involved in Investor Dispute Alleging Unsuitable Recommendations

Fernando Costa (CRD #:5179486), a broker and investment advisor registered with Merrill Lynch, Pierce, Fenner & Smith, is involved in an investor dispute, according to his BrokerCheck record accessed on April 5, 2023. Read on if you want to know more about his alleged conduct as a broker.

Investor Dispute

On December 23, 2022, an investor alleged that Fernando Costa made unsuitable investment recommendations between August and November 2021. The client seeks $250,000 in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that adequately fit an investor’s financial goals. Brokers must take into account the information described in the investor’s profile, such as their risk tolerance, tax status, and overall financial situation.

Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.

Background Information

Fernando Costa has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination

He is a registered broker in nine states. He is also a registered investment advisor in Connecticut, Florida, New York, and Texas. 

Besides Merrill Lynch, Pierce, Fenner & Smith, Fernando Costa has also worked with J.P. Morgan Securities (CRD#:79).

Kurta Law Can Help

If you have worked with Fernando Costa and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Please reach out if you have any questions about what steps to take next to recover your investment losses.