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Keith Chandler: Complaint Against Palmdale Rep Alleges $203K Losses
Ex-Ameriprise Investment Services representative Keith Chandler (CRD# 2351638) allegedly made unsuitable investment recommendations, according to a pending investor complaint. Financial Industry Regulatory Authority records show that he was formerly registered with Ameriprise in Palmdale, California. He is presently registered as an investment adviser with Inspire Advisors in Palmdale.
Mr. Chandler’s BrokerCheck report discloses one pending investor complaint. Filed in September 2021, it alleges that as a representative of Ameriprise Financial Services, he recommended investments in “unsuitable and risky privately traded BDCs,” including FSKR and FSEP. The pending complaint alleges damages of $203,000.
FINRA rules outline various important standards that stockbrokers must follow. One of these is the suitability rule, which states that stockbrokers must “have a reasonable basis to believe” that the recommendations they make to their clients are appropriate for the client. As laid out in FINRA Rule 2111, brokers arrive at a determination about an investment’s suitability based on “information obtained through reasonable diligence of the firm or associated person to ascertain the customer’s investment profile.” The customer’s investment profile includes their age, net worth, risk tolerance, income, and more.
According to the Financial Industry Regulatory Authority, Keith Chandler holds 25 years of securities industry experience. He is registered as an investment adviser with Inspire Advisors in Palmdale, California, and is no longer registered as a stockbroker. His past registrations include Ameriprise Financial Services (Palmdale; 1993-2019), IDS Life Insurance Company (Minneapolis, Minnesota; 1993-2006), and PFS Investments (Duluth, Georgia; 1993). His credentials include the passage of four securities industry examinations: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the Investment Company Products/Variable Contracts Representative Examination, or Series 6. As a broker, he presently holds no state licenses. (Information current as of March 14, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.