Did you lose money investing with Gerard Whelan (CRD# 2445147)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Gerard Whelan. If you suffered losses investing with Gerard Whelan, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of September 30, 2020, Gerard Whelan’s FINRA BrokerCheck Report contains the following:
1 Customer Dispute(s)
1 Regulatory Event(s)
UPDATE 9/30/2020: According to FINRA’s June 2019 Disciplinary Actions: “Gerard N. Whelan (CRD #2445147, Hull, Massachusetts) April 30, 2019 – An AWC was issued in which Whelan was assessed a deferred fined of $7,500 and suspended from association with any FINRA member in all capacities for three months. Without admitting or denying the findings, Whelan consented to the sanctions and to the entry of findings that he participated in private securities transactions without providing prior written notice to or obtaining written approval from his member firm. The findings stated that Whelan, as a non-registered fingerprint person, entered into an agreement with one of his former investment advisory customers to continue to manage her brokerage account. Whelan executed securities transactions in the customer’s brokerage account and during that time, her account increased in value. Whelan did not receive any selling compensation in connection with the transactions he executed in the customer’s account. The suspension is in effect from May 6, 2019, through August 5, 2019. (FINRA Case 2018057602801)
Current and Previous Registrations
03/10/2008 – 05/15/2012 CHARLES SCHWAB & CO., INC. (CRD#:5393) NEW YORK CITY, NY
04/10/2007 – 02/13/2008 CHASE INVESTMENT SERVICES CORP. (CRD#:25574) NEW YORK, NY
02/18/2000 – 02/26/2007 FIDELITY BROKERAGE SERVICES LLC (CRD#:7784) NEW YORK, NY
02/25/1999 – 01/26/2000 THE DREYFUS SERVICE CORPORATION (CRD#:231) NEW YORK, NY
02/14/1994 – 11/06/1998 FIDELITY BROKERAGE SERVICES LLC (CRD#:7784) SMITHFIELD, RI
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
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