ABRAHAM COSTO is currently employed as a Broker and/or Investment Adviser at AXA ADVISORS, LLC located at 502 HARDING AVENUE, WEST HEMPSTEAD, NY, 11552.
ABRAHAM COSTO has worked at AXA ADVISORS, LLC since July 21, 1987
ABRAHAM COSTO has 2 Disclosure Event(s).
Date: February 22, 2007 Category: Customer Dispute Allegations: INSURED'S DAUGHTER ALLEGES ON 8/23/1999 A $5600 WITHDRAWAL AND ON 2/11/2000 A $100 WITHDRAWAL WERE PROCESSED FROM HER MOTHER'S TRADITIONAL LIFE INSURANCE POLICY IN WHICH THE CANCELLED CHECKS APPEARED ENDORSED BY HER MOTHER AND THE AGENT, THEN DEPOSITED INTO AN UNKNOWN BANK ACCOUNT. THE INSURED HAS NO RECOLLECTION OF HAVING AUTHORIZED WITHDRAWALS, SIGNING ANY CHECKS, NOR OF RECEIVING ANY FUNDS FROM SAID AMOUNTS. CUSTOMER REQUESTS A REINSTATEMENT OF THE ORIGINAL POLICY AMOUNT. Damage Amount Requested: $5,700.00 Settlement Amount: $15,382.25 Broker Comment: THE FIRM CLOSED THIS CASE DUE TO NO RESPONSE FROM THE INSURED. BASED UPON VERBAL APPEAL RECEIVED ON 8/15/07, THE FIRM AGREED TO REINSTATE POLICY NUMBER [POLICY NUMBER]. LOSS TO FIRM: $15382.25. APPEAL CLOSED DATE: 12/3/07.
Date: July 06, 2004 Category: Customer Dispute Allegations: THE CLIENTS ALLEGE THAT, IN NOVEMBER 1999, THE REPRESENTATIVE CONVINCED THEM TO SWITCH FROM THEIR GUARANTEED INVESTMENT IN U.S. GOVERNMENT TREASURY STRIPS TO 100% MUTUAL FUNDS. THEY FURTHER ALLEGE THAT THE REPRESENTATIVE EMPHATICALLY GUARANTEED THAT THE CLIENTS WOULD HAVE A BETTER RETURN ON THEIR INVESTMENT BY MAKING SUCH A SWITCH. THE CLIENTS STATE THAT THEY HAVE LOST $150,000 TO $200,000 AS A RESULT OF THE REPRESENTATIVE'S RECOMMENDATIONS AND REQUEST THAT THE FIRM MAKE THEM WHOLE FOR THEIR LOSSES. Damage Amount Requested: $200,000.00 Broker Comment: THE FIRM FOUND NO BASIS TO THE CUSTOMER COMPLAINT.
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