Hershey Financial Advisers, LLC

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D.,
11.E., 11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.
Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File
with a completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the
same event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
3154428
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
CLUNAN, GERARD, FRANCIS
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is
registered or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the
adviser's or advisory affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item
11.D(4), and only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any
event listed in Item 11 that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the
circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to
the IARD or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:

SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
PA SECURITIES COMMISSION
2.
Principal Sanction:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanctions: 
3.
Date Initiated (MM/DD/YYYY): 
06/23/2005
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:
2005-02-14
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
PAN AMERICAN
6.
Principal Product Type:
Other
Other Product Types: 
VIATICAL SETTLEMENTS
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
FROM 1998-2001 I SOLD A NUMBER OF VIATICAL SETTLEMENTS. WHEN I STARTED SELLING THEM I WAS NOT A REGISTERED REP. IN 1998 A LARGE
GENERAL AGENCY FOR FINANCIAL SERVICES IN HARRISBURG PA INVITED ME TO A MEETING INTRODUCING VIATICAL SETTLEMENTS, I WAS UNDER THE
IMPRESSION THEY WERE INSURANCE PRODUCTS. AT THE PRESENTATION THEY EVEN TALKED ABOUT A COURT CASE IN ANOTHER STATE WHERE THE
JUDGE RULED THEY WERE NOT SECURITIES. AT A LATER DATE WHEN I EXPRESSED SOME INTEREST ABOUT BECOMING SECURITIES LICENSED THEY
TOLD ME THERE WAS NO PROBLEM SELLING VIATICALS BECAUSE THEY WERE NOT SECURITIES. OVER THE NEXT COUPLE OF YEARS I BECAME
SECURITIES LICENSED. MY BROKER DEALER AT THAT TIME, PAN AMERICAN, TOLD ME THEY WERE NOT SECURITIES AND I COULD SELL THEM.
SOMEWHERE AROUND THE END OF 2001 AND INTO 2002 PA SECURITIES STARTED EXPRESSING THEIR BELIEF THAT VIATICALS WERE UNREGISTERED
SECURITIES. I HAD STOPPED SELLING THEM PRIOR TO THIS. I BELIEVED VIATICALS WERE INSURANCE PRODUCTS AND AT THE TIME I SOLD THEM THEY
WERE NOT CLASSIFIED AS UNREGISTERED SECURITIES. MORE RECENTLY THE PA SECURITIES COMMISSION RULED THAT THEY HAVE ALWAYS BEEN
UNREGISTERED SECURITIES. 6/23/05 DOCKET/CASE NUMBER: 2005-02-14 IN CONNECTION WITH A GLOBAL RESOLUTION, T.H.E. FINANCIAL GROUP
(THE COMPANY IN HARRISBURG) PAID PA ADMINISTRATIVE ASSESSMENT AND ASSOCIATED COSTS ON BEHALF OF NUMEROUS AGENTS WHO SOLD
VIATICATED INSURANCE POLICIES IN PA. THE TOTAL AMOUNT PAID WAS $225,000 BY T.H.E. FINANCIAL GROUP. NO PORTION WAS PAID BY ME
INDIVIDUALLY. I WAS A PARTICIPANT IN THIS GLOBAL RESOLUTION CONSENTING TO THE ORDER WITHOUT ADMITTING ALLEGATIONS. RESPECTFULLY
SUBMITTED, GERARD CLUNAN
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Settled
11. Resolution Date (MM/DD/YYYY):
06/23/2005
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 225,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal,
Financial Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to
requalify/retrain, type of exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution,
disgorgement or monetary compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion

of penalty was waived: 
GERARD CLUNAN AND OTHER NAMED RESPONDENTS WERE JOINTLY AND SEVERALLY ORDERED TO PAY $200,000 ADMINISTRATIVE ASSESSMENT
AND $25,000 INVESTIGATIVE AND LEGAL COSTS. THE TOTAL AMOUNT OF $225,000 WAS PAID BY THE FINANCIAL GROUP - NO PORITION WAS
PAID INDIVIDUALLY. BY GLOBAL RESOUTION WITH NUMEROUS AGENTS WHO SOLD VIATICALS THROUGH THE GROUP. THE FINANCIAL GROUP
PAID THE ADMINISTRATIVE ASSESSMENT AND ALL ASSOCIATED COSTS. GERARD CLUNAN DID NOT PAY ANY PORTION OF THE ASSESED FINES.
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response
must fit within the space provided).
I BELIEVED AND WAS TOLD VIATICALS WERE INSURANCE PRODUCTS AND AT THE TIME I SOLD THEM THEY WERE NOT CLASSIFIED AS UNREGISTERED
SECURITIES.