As a financial analyst and writer, I’m here to delve into a pressing concern bubbling up in the brokerage community. There’s a spotlight on Alexander Kline (CRD #: 1271785), a broker currently with Cambridge Investment Research, who finds himself under the shadow of investor displeasure. His BrokerCheck record doesn’t paint a rosy picture; a recent dispute marks the seventh complaint against him, setting an alarming trend for those invested in his guidance.
Deconstructing the Claims Against Kline
An investor’s grievance filed on January 19, 2024, paints a troubling picture. It seems Kline backed an unorthodox investment plan without properly outlining the inherent risks involved. This oversight allegedly resulted in a sobering $110,000 loss for the investor.
Adding to his woes, on October 31, 2023, another investor accused him of pushing unsuitable investments and misleading with false claims, leading the investor to pursue a substantial recovery of $500,000 in damages.
Let’s rewind to an earlier incident on September 15, 2021, where a client was frustrated over being unable to withdraw from alternative investments suggested by Kline, a matter which was ultimately resolved with a settlement of $41,585.27.
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The Crux of FINRA Rule 2111
FINRA Rule 2111 outlines a pivotal principle in brokerage – the sanctity of “suitability.” This rule demands that an investment aligns well with an individual’s financial profile, considering elements like age, risk capacity, tax status, experience in investing, and long-term financial goals. Oftentimes, alternative investments, known for higher risks, may not be the best fit for every investor. Hence, my advice as an analyst is to tread carefully with these investment vehicles.
Peeking Into Kline’s Professional Past
Diving into Kline’s career history, his qualifications are extensive, including:
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
- Series 6 Investment Company
- Series 24 General Securities Representative Examination
He is licensed in 22 states and acts as a registered investment adviser in Pennsylvania, Texas, and Wyoming. His 39 years in the field span 12 firms, with the last five positions being:
- Cambridge Investment Research (CRD #: 39543)
- Cambridge Investment Research Advisors (CRD #: 134139)
- Prospera Financial Services (CRD #: 10740)
- The Huntington Investment Company (CRD #: 16986)
- M&E Investment Group (CRD#: 123885)
As investors, you must keep a vigilant eye on your financial engagements, especially when trusting a broker with your dreams of prosperity. If your investment journey has intersected with Kline’s services and you’re feeling uneasy, I suggest you promptly explore expert legal guidance to understand your rights and weigh your options.
Certain legal teams dedicate their practice to championing the cause of investors, assisting them in recollecting losses from brokers and their firms. Attorneys typically get paid only if they succeed in reclaiming your losses. As a famous quote by Warren Buffet goes, “Risk comes from not knowing what you’re doing.” It’s crucial that you confront any discrepancies head-on. Begin the recovery process without delay.
For verification and further details on broker histories, searching the advisor’s FINRA CRM number is a reliable resource, ensuring you’re well-informed before making any financial decisions.
Financial fact: **Financial advisors who prioritize their gain over clients’ can cause significant damage. A study showed that bad financial advisors could lead to losses up to 7% each year for their clients, a reminder of the profound impact of diligent advisor selection.**
