Bernell Baker Allegedly Recommended Unsuitable Investments

Bernell Baker (CRD #: 5493956), a broker registered with LPL Financial, is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on May 23, 2024. Details concerning this disclosure are provided below. 

Investor Allegations 

On March 19, 2024, an investor alleged that Bernell Baker recommended an investment that was unsuitable for the customer’s investment objectives and risk tolerance. 

Investors should know that there are two settled disputes on this broker’s record. 

Unsuitable Investments 

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals.

Some common violations of this rule include:

• Excessive trading, which violates the need for quantitative suitability. This means that the number of trades must suit an investor’s goals. Excessive trading is also known as “churning.” 
• Recommendations of unsuitable investment strategies. For instance, overconcentration of securities in a certain stock or sector is typically unsuitable due to the degree of risk.
• Recommendations of high-risk or illiquid investments. These investments may lead to high fees for the investor.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

Background Information 

Bernell Baker has passed the following exams:

• Series 66 Uniform Combined State 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 Products / Variable Contracts Representative Examination 

He is a registered broker in 47 states, D.C., and the Virgin Islands. He is a registered investment adviser in Illinois, Texas, and Utah. 

During his 13 years of experience, Bernell Baker has registered with three firms: 

• LPL Financial (CRD #: 6413) 
• JP Morgan Securities (CRD #: 79) 
• Chase Investment Services Corp. (CRD #: 25574) 

Kurta Law Can Help 

If you have worked with Bernell Baker and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.