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Glen Ellyn Rep Charles Kiker Allegedly Caused 7-Figure Losses
Commonwealth Financial Network stockbroker and adviser Charles Kiker (CRD# 2402823) has received a customer complaint alleging more than $4 million in damages. According to the Financial Industry Regulatory Authority, or FINRA, Kiker is located in Glen Ellyn, Illinois.
His BrokerCheck report shows one pending customer complaint. Filed in July 2021, the pending complaint alleges that while at Commonwealth Financial Network, Charles Kiker placed unsuitable trades in common and preferred stock products. The pending complaint alleges damages of $4,352,797.
FINRA rules and guidance require brokers and investment advisers to abide by a standard called “suitability.” In essence, brokers and advisers must “have a reasonable basis to believe a recommended transaction or investment strategy” is appropriate for the client’s investment profile. An investment profile is based on a number of factors, including the client’s age, financial situation, financial needs, tax status, investment goals, liquidity needs, and risk tolerance, according to FINRA. FINRA Rule 2111 requires brokers to “have a firm understanding of both the product and the customer.” If they do not have an understanding of either of these things, they have broken the rule. Additional reading on the rules governing the suitability standard can be found via FINRA.
According to the Financial Industry Regulatory Authority, Charles Kiker holds 28 years of securities industry experience and is registered with Commonwealth Financial Network and EK&A Advisors in Glen Ellyn, Illinois. His registration history encompasses MML Investors Services in Glen Ellyn, Illinois (as a broker and an investment adviser), Northwestern Mutual Investment Services in Milwaukee, Wisconsin, and Robert W. Baird & Company in Milwaukee, Wisconsin. Records show that he has passed the Uniform Investment Adviser Law Examination, the Uniform Securities Agent State Law Examination, the Securities Industry Essentials Examination, the General Securities Representative Examination, and the Investment Company Products/Variable Contracts Representative Examination. He currently holds 28 state licenses and one self-regulatory organization registration. (Information current as of November 11, 2021.)