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Investors Allege Kirk Crossen Executed Unsuitable Transactions

Kirk Crossen (CRD #: 2742256), a broker formerly registered with Raymond James & Associates, allegedly executed unsuitable transactions according to his BrokerCheck record, accessed on November 1, 2024. Details are provided below. 

Investor Disputes

On September 10, 2024, an investor alleged that Kirk Crossen executed unauthorized and unsuitable transactions in their joint account from 2016-2022. The client seeks $450,000 in this pending dispute.

On October 30, 2023, an investor alleged that the investment strategy executed in their account was unsuitable. The investor is seeking $6,000,000. 

Unauthorized Trading

Unauthorized trading violates FINRA Rule 3260, which limits brokers to engaging in discretionary trading only in authorized accounts. Both the firm and the client must approve an account before discretionary trading can occur.

Unsuitable Investment Strategies 

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.

Loans Between Brokers and Clients

Loans between brokers and clients are governed by 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.

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.