The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Robert Kostigen. According to his publicly available FINRA BrokerCheck report, Robert Kostigen has been the subject of multiple customer disputes over the course of his career.
Robert Kostigen is a Massachusetts based securities broker. He has worked in the securities industry for thirty years. During his career, he has been registered with eleven different securities firms.
His Registrations
- Buttonwood Securities (1984)
- Dean Witter Reynolds (1984-1986)
- Fidelity Brokerage Services (1986-1987)
- Liberty Securities (1987)
- Congress Securities Company (1989-1990, 1992-1993)
- Baybanks Brokerage Services (1993-1996)
- Bankboston Investor Services (1996-2000)
- Quick & Reilly (2000-2004)
- Banc of America Investment Services (2004-2009)
- Merrill Lynch (2009-Present)
The Allegations
- In October 2008, a customer alleged that their Hartford variable annuity they purchased through Robert Kostigen was supposed to be a principal guaranteed contract for four years with a 7% guaranteed return payable monthly as opposed to the Hartford contract, which states the monthly withdrawals will reduce principal.
- In September 2009, customers alleged that Robert Kostigen made unsuitable investments and misrepresented the purchase of variable annuities. This case went to arbitration where the customer was awarded $800,000 in damages.
- In 2012, Robert Kostigen was sanctioned by FINRA. The findings in this matter state that he forged customer signatures on documents related to the purchase of five annuity purchases. Due to these allegations, he was fined $5,000 and suspended from acting as a securities broker for a period of twenty days.
- In March 2018, a customer alleged that Robert Kostigen failed to follow their instructions.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Robert Kostigen, please contact Oakes & Fosher for a free and private consultation.
