Financial Services
Columbia Wealth Management, LLCAbout
Important information
- Government Actions:Government Action: BBB reports on known government actions involving business’ marketplace conduct:State of Washington Department of Financial Institutions Securities Division v Columbia Wealth Management, LLC and Patrick John Costello
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the governments allegations, which have not yet been proven.
On October 6, 2017, the Securities Division entered a Summary Order Suspending Investment Adviser Registration and Investment Adviser Representative Registration and Notice of Intent to Revoke Registration, and Enter Order to Cease and Desist, Deny Future Registrations, Impose Fines, and Recover Costs (“Summary Order”) against Columbia Wealth Management, LLC and Patrick John Costello (Collectively “Respondents”).
The Summary Order alleges that Respondents failed to update Form U4 and Form ADV filings with the Securities Division, as required, to reflect certain criminal charges and convictions filed against Patrick John Costello. The Summary Order also alleges that Respondents filed a Form ADV with the Securities Division that falsely represented that Patrick John Costello had not been charged with or convicted of certain criminal charges.
The Securities Division orders the suspension of Columbia Wealth Management’s investment adviser registration and Patrick John Costello’s investment adviser representative registration.
The Securities Division gives notice of its intent to order the Respondents to cease and desist from violating the Securities Act, and enter an order to revoke their registrations, deny any future registration applications they may file, impose fines, and charge costs. Respondents have the right to request a hearing on the Summary Order.
For further information, contact the Securities Division of Washington Department of Financial Institutions at (877) 746-4334 or at www.dfi.wa.gov.
About This Business
Years in Business: 9
Business Details
- Local BBB:
- BBB Great West + Pacific
- BBB File Opened:
- 3/27/2017
- Business Started:
- 3/14/2016
- Business Incorporated:
- 1/2/2015
- Type of Entity:
- Limited Liability Company (LLC)
- Business Management:
- Mr. Patrick J Costello, Managing Member
Additional Contact Information
- Principal Contacts
- Mr. Patrick J Costello, Managing Member
- Customer Contacts
- Mr. Patrick J Costello, Managing Member
Licensing information
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
Additional Information
- Other Resources
- Washington Department of Financial Institutions
PO Box 41200
Olympia WA 98504
Phone Number: (360) 902-8700
http://www.dfi.wa.gov - Business Categories
- Financial Services, Financial Planning Consultants
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