Kirk Crossen Involved in $6 Million Suitability Dispute

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Kirk Crossen (CRD# 2742256), formerly a broker registered with Raymond James & Associates, is involved in a $6 million investor dispute alleging he executed an unsuitable strategy. MDF Law is investigating the former Carmel, Indiana-based financial professional for similar conduct. Investors with concerns about their accounts should contact us for a free consultation.

To learn more about the allegations against Mr. Crossen, continue reading this post. The information below is sourced from his BrokerCheck profile, a Financial Industry Regulatory Authority record accessed on January 8, 2024. 

Allegations: Kirk Crossen Recommended Unsuitable Strategy

On October 30, 2023, an investor filed a dispute against Mr. Crossen. According to FINRA records, the claimant alleges that the strategy implemented in the customer’s account from 2022 until 2023 was unsuitable. The dispute, which remains pending, seeks damages of $6 million. 

Raymond James Fired Broker over Loan Inquiry

On October 31, 2023, Raymond James & Associates disclosed its termination of Mr. Crossen. According to the disclosure, his firing stemmed from allegations that he lacked candor during an “inquiry” into a loan from a client at his former firm.

Can Brokers Borrow Money from Their Customers?

Under FINRA Rule 3240, registered representatives like Mr. Crossen may not borrow funds from customers except in specific circumstances. The rule specifies that they may only accept customer loans if their member firm has rules governing such, and if the loan falls under certain conditions. The customer must be one of the following:

  • An immediate family member of the broker;
  • A financial institution that loans money as part of its business, provided the loan is made as part of its business;
  • A registered representative at the same firm as the broker;
  • Someone with a personal or business relationship with the broker outside their broker-customer relationship.

Except in certain circumstances involving family relationships, Rule 3240 requires further that the broker inform their firm about the customer loan and receive its prior approval. 

FINRA: Crossen Last Based in Carmel, Indiana

Kirk Crossen embarked on his career as a broker in 1996. That year, he registered with Morgan Stanley DW in Purchase, New York. Over the following years, he worked at firms including Citigroup Global Markets, Wells Fargo Advisors, and Morgan Stanley. In April 2023, he registered with Raymond James & Associates’ branch office in Carmel, Indiana, remaining there until his firing in November 2023. With 27 years of experience as a broker, he has completed two state securities law exams and three general industry/products exams. Since his termination from Raymond James, he has remained unregistered as a broker. 

At MDF Law, We Advocate for Investors

If you lost money working with Kirk Crossen, you may have grounds to file a FINRA arbitration claim to pursue a recovery. Call MDF Law to discuss your case with one of our attorneys. We accept cases on a contingency basis, meaning clients only pay a fee if they win their case. Call 800-767-8040 today for a free consultation.

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