Christie Caliva: Commonwealth Advisor Faces Franklin Square Complaint

San Diego financial advisor Christie Caliva (CRD# 5527773) is involved in an investor complaint stemming from an investment in Franklin Square Investment Corp. III. Records provided by the Financial Industry Regulatory Authority show that she is currently registered as a broker and an investment advisor with Commonwealth Financial Network.

Ms. Caliva’s BrokerCheck report discloses one investor complaint. Filed in March 2023, it alleges that as a representative of Commonwealth Financial Network, she recommended an unsuitable investment in a Franklin Square Development Corp. III business development company (BDC). The pending complaint alleges damages of $40,000.

For reference, business development companies (BDCs) are closed-end development funds that give retail investors the ability to invest in small or midsize businesses, and in some cases distressed businesses. As the Securities and Exchange Commission explains in its investor resources, BDCs are similar to mutual funds or exchange-traded funds in that they make their investments using money pooled by a large number of investors. The investors then receive shares in the BDC, with the value of the shares rising or falling according to the BDC’s performance. These investments come with various risks: for instance, while BDCs themselves are regulated by the SEC, but the companies they invest in may not be. Additionally, because many of the underlying businesses may be relatively small, and because they may be undergoing financial distress, an investment in a BDC comes with the risk that those businesses might “be more likely to go out of business or default on their debts,” the SEC explains. Brokers who recommend unsuitable BDC investments may be held liable for damages.

According to the Financial Industry Regulatory Authority, Christie Caliva holds 14 years of securities industry experience. Based in San Diego, California, she has been a broker and an investment advisor with Commonwealth Financial Network since 2015. She was previously registered with Edward Jones from 2008 until 2015. Her credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. She is currently licensed in Alabama, Arizona, California, Georgia, Maine, Nevada, New Mexico, Texas, and Utah. (Information current as of May 15, 2023.)

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