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Gerald O’Halloran Involved in Unsuitability Dispute

Feb 15, 2022 Investor Disputes

Gerald O'Halloran (CRD #: 1056697), a broker registered with Union Capital Company, is facing a pending unsuitability dispute, according to his BrokerCheck record, accessed on January 15, 2022.

According to the allegations filed on December 3, 2021, Gerald O'Halloran recommended an unsuitable investment and conducted unauthorized activity in a client's account. The investor is seeking $100,000; the dispute is pending. 

Which FINRA Rules Did Gerald O'Halloran Allegedly Violate?

  1. FINRA Rule 3260 (Discretionary Accounts)

A broker must always have the customer's permission before executing any transactions in a non-discretionary account. This is in accordance with FINRA Rule 3260(b)

  1. FINRA Rule 2111 (Suitability Rule)

"Suitability" is the term used to describe an enforceable standard for investments that financial professionals are bound to when dealing with clients. An investment is only considered "suitable" if it meets the suitability criteria outlined in FINRA Rule 2111

A broker must have exercised due diligence and have an adequate reason for believing that an investment will also be suitable or beneficial for the investor Investors who rely on their brokers for recommendations may be able to recover their losses through FINRA arbitration if their broker recommended an unsuitable investment. 

Prior Regulatory Disclosure

Florida Office of Financial Regulation Allegations

On June 8, 2018, Gerald O'Halloran was the subject of a cease and desist order and a $4,000 fine from the Florida Office of Financial Regulation.

According to the allegations Gerald O'Halloran:

  1. Failed to observe high standards of commercial honor and equitable principles of trade
  2. Failed to report an outside business activity,
  3. Failed to update Form U-4

FINRA Rule 3270 (Outside Business Activities of Registered Persons)

FINRA Rule 3270 requires that brokers provide written notice to their firms regarding their outside business activities. Gerald O'Halloran has four businesses listed in the Outside Business Activity of his detailed BrokerCheck report:

  1. Owner Daedalian Financial Services
  2. President PDG Flyers
  3. President Charlotte County Republican Club
  4. Landlord Daedalian Financial Services

Settled Dispute

On August 2, 2016, Gerald O'Halloran was involved in an investor dispute for alleged negligence, misrepresentation, and omission of a material fact. The case settled for $60,000.

Background Information

Gerald O'Halloran has passed the following exams:

  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination

He is a registered broker in nine states. 

He has also worked with the following firms:

  • Kovack Securities (CRD#:44848)
  • Financial Investment Analysts (CRD#:16010)   
  • A. G. Edwards & Sons  (CRD#:4)
  • Edward D. Jones & Co  (CRD#:250)       
  • United Services Planning Association. (CRD#:3641)

Kurta Law Can Help

If you have worked with Gerald O'Halloran and have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com 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.