Broker Barred After Failing to Provide Testimony in FINRA Investigation
Robert James Halldin (CRD #1458098) is a previously registered securities broker. From February of 2012 to July of 2017, Mr. Halldin served as a securities broker for American Portfolio Financial Services. In December of 2020, the Financial Industry Regulatory Authority (FINRA) barred Robert Halldin of Fort Lauderdale, Florida from the securities industry after he declined to provide documents or testimony in relation to an official investigation. Below, our Miami financial adviser fraud lawyers provide a more comprehensive review of the allegations raised by the agency.
Barred Broker: Robert James Halldin of Fort Lauderdale, Florida
The Financial Industry Regulatory Authority requires licensed securities brokers to cooperate with investigation into allegations of misconduct. Pursuant to FINRA Rule 8210, they are subject to sanctions if they fail to comply with this requirement. In this case, FINRA officials requested on-the-record testimony from former American Portfolio Financial Services broker Robert James Halldin. The agency was reviewing allegations that this broker engaged in professional misconduct.
FINRA reports that Mr. Halldin acknowledged that he received the request for testimony from the agency. However, he also expressed his intention to decline an on-the-record interview by investigators. Without admitting or denying any of the allegations raised against him, securities broker Robert Halldin agreed to accept the agency’s proposed sanctions, including an indefinite bar from associating with any FINRA member firm in any professional capacity.
History of Investor Complaints Against Former Securities Broker Robert Halldin
Investor complaints have been filed against this broker in the past. Indeed, according to information obtained from FINRA’s Brokercheck tool, Robert James Hallidin has been the subject of multiple customer complaints. Specifically, FINRA lists the following to investor claims as being “settled” by this broker:
- In May of 2016, Mr. Halldin agreed to resolve a complaint for $400,000. A customer alleged unsuitable investment recommendations and overconcentration of investments. For his part, he expressly denied any wrongdoing.
- In January of 2018, Mr Halldin agreed to resolve a complaint for $47,500. The customer alleged unsuitable investment recommendations. Once again, he vehemently denied any wrongdoing alleged by the investor.
Registered securities brokers are subject to FINRA’s so-called ‘suitability rule.’ Under FINRA Rule 2111, financial advisors have a professional duty to ensure that any specific investment recommendations they make or investment strategies that they pursue are appropriate for an investor. Brokers must take an individual investor’s circumstances into account, including their level of risk tolerance, their current financial position, and their personal goals & objectives.
Schedule a Confidential Consultation With a Florida FINRA Arbitration Attorney
At Carlson & Associates, P.A., our Miami-Dade County FINRA arbitration lawyers work to get justice and financial relief for investors. We are driven to help our clients find solutions that work. If you or someone you know suffered losses due to the misconduct of a financial advisor, our attorneys can help. Call our law firm now for a completely confidential review and evaluation of your case. We represent clients in South Florida and beyond.