Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Bernell D. Baker (CRD: 5493956, Eagle Mountain, Utah). Baker has been registered with LPL Financial LLC since November 12, 2012.
Recent disclosures reveal concerns regarding Baker’s conduct, including allegations of unsuitable investment recommendations and misrepresentation.
Specifically, on March 19, 2024, a client of LPL Financial filed a FINRA arbitration claim (FINRA Arbitration No. 24-00611) alleging that a 2014 investment was unsuitable for the client’s objectives and risk tolerance. The investment, a real estate security, allegedly resulted in damages exceeding $5,000. This matter is currently pending resolution. Baker denies any wrongdoing, stating that the investment was suitable based on the client’s financial profile at the time of recommendation.
Evidently, on December 17, 2024, another client of LPL Financial filed a complaint alleging misrepresentation regarding an investment purchased in 2014. The claim was denied by the firm, citing that the investment was appropriate based on the client's financial objectives and risk tolerance.
On March 24, 2021, a client complaint against Baker was withdrawn. The client alleged that a single investment made in 2014 was unsuitable, seeking $48,000 in damages. However, the claim was not pursued further.
Baker has also faced two settled client disputes. On April 20, 2016, a client at LPL Financial alleged misrepresentation, suitability concerns, and poor recommendations regarding a variable annuity. The firm settled the dispute for $9,000. On May 10, 2013, while at Chase Investment Services Corp., a client accused Baker of misrepresentation regarding a mutual fund investment, seeking $22,075 in damages. The case was settled for $17,799.
Looking for more information about Bernell Baker? If so, reach out to Soreide Law Group online or at (888) 760-6552 to speak with a securities attorney. The team at Soreide Law Group works on a contingency basis, advances all costs, and assists clients throughout the country with recovering losses from sales practice misconduct. Baker and the firms he worked for deny accusations of sales practice violations.
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