Kovack Securities Investors Reportedly Dispute The Sales Practices Of Broker Gerald O’Halloran
Soreide Law Group has new information to share with you in regard to securities broker Gerald James OHalloran (CRD#: 1056697, Punta Gorda, Florida). It appears that O’Halloran worked for a number of securities firms including Kovack Securities (2004 to 2018) and Union Capital Company (2018 to present). It appears that clients of Kovack Securities disputed his sales practices. Not only that, but a Florida regulator issued an order fining O’Halloran for alleged misconduct. Here’s more information about these disclosures.
Kovack Securities Investor Alleges Unsuitable Investments By Gerald O’Halloran
In a January 2020 complaint, a client of Kovack Securities brought up Gerald O’Halloran’s sales practices. Supposedly, O’Halloran sold them unsuitable investments. The client particularly addressed the risks of listed equities (stock) and real estate security transactions. It appears that Kovack Securities opted to settle the matter through making a $24,000 payment to the client in May 2020.
Florida Office Of Financial Regulation Issues $4,000 Fine To O’Halloran Over Trading Authorizations
Evidently, in a June 2018 order, Florida Office of Financial Regulation sanctioned Gerald O’Halloran to resolve allegations of him signing incomplete trading authorizations. Supposedly, he agreed to cease and desist acting in violation of Florida statutes.
Kovack Securities Client Claims Negligence, Breach Of Fiduciary Duty In Dispute About Gerald O’Halloran
Notably, in August 2016 a client of Kovack Securities disputed Gerald O’Halloran’s sales practices regarding a REIT. First of all, the client alleged negligence. Secondly, the securities broker supposedly misrepresented or omitted facts in regard to the real estate investment trust. Next, the client alleged that Kovack Securities failed to supervise. Finally, the securities firm or broker allegedly acted in breach of fiduciary duty and breach of contract. Because of this, Kovack Securities opted to pay the client $60,000 in an August 2017 settlement.
O’Halloran Supposedly Makes Unauthorized Trades In Client’s Account
It appears that a third Kovack Securities client came forward to dispute Gerald O’Halloran’s sales practices. Specifically, the client alleged that the securities broker made unauthorized trades. Allegedly, the client experienced damages or losses on reverse convertible notes. Evidently, the investor received $14,000 in a settlement of that matter.
Prior Disputes About Gerald O’Halloran
In prior disputes about Gerald O’Halloran, clients manly allege unauthorized transactions. One dispute involved Kovack Securities being ordered to pay a client $76,565.08 in damages following accusations of unauthorized trading. Some of the other disputes settled as well.
Losses Through O’Halloran?
Did you suffer losses because of broker Gerald O’Halloran? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered compensation for US investors who incurred losses because of their financial advisors and securities brokers. Please note that O’Halloran denies all allegations of his sales practice violations.