Alex Kline: Duncan Financial Advisor Faces $500K Complaint

Pittsburgh financial advisor Alex Kline (CRD# 1271785) allegedly made unsuitable investment recommendations that resulted in six-figure damages, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Cambridge Investment Research, doing business as Duncan Financial Group.

Mr. Kline’s BrokerCheck report discloses six investor complaints. The most recent, filed in October 2023, alleges that as a representative of Cambridge Investment Research, he he misrepresented and recommended unsuitable real estate investments. The pending complaint alleges damages of $500,000.

A second investor complaint, filed in 2021, similarly alleged that he recommended unsuitable real estate investments. The complaint reached a settlement of $41,585.27. Mr. Kline pushed back against the allegations in a statement included with the complaint’s disclosure, writing that “the client made money on the alternative investments however the client was concerned with the lack of liquidity.”

A third investor complaint, filed in 2008, alleged that as a Walnut Street Securities representative, he invested the clients’ funds in unsuitable stock investments. The complaint reached a settlement of $9,900.

A fourth investor complaint, filed in 2005, alleged that as a representative of Walnut Street Securities, he sold unsuitable mutual fund and stock investments. In 2007 the complaint reached a settlement of $15,000.

A fifth investor complaint, filed in 2004, alleged that he sold unsuitable stocks and mutual funds while at Walnut Street Securities. In 2005 the complaint reached a settlement of $40,000.

A sixth investor complaint, filed in 2000, alleged that he misrepresented municipal bond investments, breached contract, and breached his fiduciary duty. In 2002 the complaint reached a settlement of $110,000.

Other current or former Cambridge Investment Research advisors to receive investor complaints include include Gus Mask, Matt Stucke, Brian Dumont, Mike Valenta, and Kurt Cambier.

According to the Financial Industry Regulatory Authority, Alex Kline holds 39 years of securities industry experience. Based in Pittsburgh, Pennsylvania, he has been a broker and an investment advisor with Cambridge Investment Research since 2011, doing business as Duncan Financial Group. His past registrations include Prospera Financial Services, the Huntington Investment Company, M&E Investment Group, Walnut Street Securities, Investment Management & Research, Travelers Equities Sales, MONY Securities, Managed Investments, and First Investors Corporation. His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 25 state licenses. (Information current as of December 10, 2023.)

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.