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Brad Bakken Allegedly Recommended Unsuitable Investment

May 27, 2022 Unsuitable Investments

Brad Bakken (CRD #: 2475927), a broker registered with LPL Financial, allegedly recommended an unsuitable investment, according to his BrokerCheck record, accessed on May 22, 2022. If you have questions about Brad Bakken’s conduct as a broker, read on.

Investor Dispute

On February 24, 2022, an investor alleged that Brad Bakken made unsuitable investment recommendations leading to losses. This dispute is currently pending.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as those that fit an investor's profile. Brokers must consider various investor characteristics compiled in their profile, such as the client’s age, financial goals, and risk tolerance, when making their recommendations.

Some types of unsuitable investments include the following:

  • High-risk investments, which are more likely to lose money.
  • Illiquid investments, which can be difficult to find a market for and tend to rack up high fees for investors who try to cash out early.
  • Violations of quantitative suitability occur when a large number of trades happen in a short time, generating fees and commissions that severely cut into investors’ returns.

Investors who rely on their brokers for recommendations may be able to recoup losses caused by unsuitable investments by pursuing FINRA arbitration.

Background Information

Brad Bakken 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
  • Series 24 - General Securities Principal Examination

Brad Bakken is a registered broker in 18 states and a registered investment adviser in Minnesota, Nebraska, and North Dakota.

He has also worked for the following firms:

  • Cetera Investment Advisers (CRD#:105644)
  • Cetera Investment Services (CRD#:15340)
  • Bancwest Investment Services (BWIS) and BWIS d/b/a FHIS (CRD#:29357)
  • Primevest Financial Services (CRD#:15340)
  • Pruco Securities (CRD#:5685)
  • Thrivent Investment Management (CRD#:18387)
  • Lutheran Brotherhood Securities (CRD#:4205)

Kurta Law Can Help

If you worked with Brad Bakken and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and 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.