Kirk Crossen Investigated by FINRA for Alleged Loan from Client

Kirk Crossen (CRD #: 2742256), a broker formerly registered with Raymond James & Associates, has been investigated by FINRA, according to his BrokerCheck record, accessed on July 30, 2025. Details are provided below. 

FINRA Investigation

On July 23, 2025, FINRA made a preliminary determination to recommend disciplinary action against Kirk Crossen, alleging that he engaged in the following misconduct:

• Borrowed money from a client without notifying or receiving approval from his firm; or, alternatively, accepted a cash gift from a client
• Instructed or asked a customer to name his wife as a beneficiary of the client’s trust without notifying or receiving approval from his firm
• Made false statements to his firm with regard to borrowing or receiving money from a client
• Failed to provide complete responses to a FINRA Rule 8210 request

FINRA alleged that Kirk Crossen violated FINRA Rules 3241, 2010, 8210, and potentially FINRA Rule 3240.

FINRA Rule 3241

FINRA Rule 3241 prohibits brokers from being named as a beneficiary, executor, or trustee or holding other positions of trust for a client, except under certain circumstances.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 8210

FINRA Rule 8210 requires members to supply records, information, and testimony upon request by FINRA.

FINRA Rule 3240

FINRA Rule 3240 describes the limited circumstances under which brokers may borrow from or lend to clients, such as loans between immediate family members.

FINRA Suspension

On May 1, 2025, Kirk Crossen received a Letter of Suspension alleging that he failed to comply with an arbitration award/settlement agreement or failed to adequately respond to a FINRA request for information as to his compliance.

This Letter was issued in relation to an arbitration award dated March 6, 2025. In it, brokerage firm Raymond James alleged that Kirk Crossen entered into two loan agreements that became due and payable when his affiliation with the firm ended.

The arbitration award made Kirk Crossen liable for $2,191,670.77 in compensatory damages, $279,813.31 in interest, and $100,000 in attorneys’ fees. You can read the award here.

Kirk Crossen’s suspension began on May 1, 2025, and will continue until the required payment is made or discharged.

Article VI, Section 3 of FINRA By-Laws

Article VI, Section 3 of FINRA By-Laws allows FINRA to suspend or cancel the membership of any member who fails to comply with arbitration awards or settlement agreements.

FINRA Rule 9554

FINRA Rule 9554 penalizes brokers for failing to comply with arbitration awards or settlements by suspending or canceling their registration. Brokers can request a hearing within 21 days, after which their suspension or cancellation becomes final.

Investor Disputes

On September 10, 2024, an investor alleged that Kirk Crossen failed to act in their best interest with regard to management of their joint account from 2016-2022. The client seeks $872,431.07 in this pending dispute.

On October 30, 2023, an investor alleged that Kirk Crossen executed an unsuitable investment strategy executed in their account. The investor is seeking $6 million in damages. 

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these into account are unsuitable. 

Termination from Raymond James & Associates

On October 31, 2023, Raymond James fired Kirk Crossen following allegations that he lacked candor in relation to a firm inquiry into a loan from a former client at another firm.

Background Information 

Kirk Crossen has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination
• Series 31 Futures Managed Funds Examination 
• Series 7 General Securities Representative Examination 

Kirk Crossen has previously been registered with five firms: 

• Raymond James & Associates (CRD #: 705) 
• Morgan Stanley (CRD #: 149777) 
• Wells Fargo Advisors (CRD #: 19616) 
• CitiGroup Global Markets (CRD #: 7059) 
• Morgan Stanley DW (CRD #: 7556) 

Kurta Law Can Help 

If you have worked with Kirk Crossen and you have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.