There are options for clients of former Kovack Securities Inc. broker Gerald O’Halloran (CRD# 1056697) regarding unsuitable investment recommendations and unauthorized trading activity. Gerald O’Halloran has been registered with Union Capital Company in Punta Gorda, since 2018. Prior to that, he was registered with Kovack Securities Inc. in Punta Gorda, Florida from 2004 to 2018.
In June 2018, the Florida Office of Financial Regulation sanctioned him to pay a $4,000 civil and administrative penalty and fine and sanctioned him to cease and desist after following allegations that he failed to “observe high standards of commercial honor and equitable principles of trade, failure to report an outside business activity, and failure to update Form U-4.”
Gerald O’Halloran Customer Complaints
Gerald O’Halloran has been the subject of 10 customer complaints between 1998 and 2021, one of which was closed without action, according to his CRD report. The most recent complaints are regarding:
December 2021. “Claimant alleges that Representative recommended unsuitable investments and conducted unauthorized activity.” The customer is seeking $100,000 in damages and the case is currently pending. The complaint was regarding LP and business development companies (BDCs) and took place while he was registered with Kovack Securities, Inc. and Union Capital Company.
January 2020. “Client’s daughter alleges that representative sold unsuitable high risk investments.” The customer sought $90,000 in damages and the case was settled for $24,000. The complaint was regarding common and preferred stocks and real estate securities and took place while he was registered with Kovack Securities, Inc.
August 2016. “Client alleges negligence, misrepresentation, omission of a material fact, negligent supervision, breach of fiduciary duty & breach of contract.” The customer sought $135,000 in damages and the case was settled for $60,000. The complaint was regarding real estate investment trusts (REITs) and took place while he was registered with Kovack Securities, Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Kovack Securities Inc. may be liable for investment or other losses suffered by Gerald O’Halloran’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.