Overview
On November 11, 2025, FINRA Enforcement lawyers filed a complaint against suspended financial advisor Kirk James Crossen (CRD No. 2742256), alleging that he concealed borrowing $400,000 from a senior investor suffering from dementia, in violation of his employer and FINRA’s rules. According to the filings, during the period from February 2022 to January 2023, Crossen borrowed the money from his client via three separate loans made from his client’s trust account. During this same period, Crossen’s employer had a policy in place that, in part, prohibited financial advisors from borrowing money from customers unless they were immediate family members. The client Crossen borrowed the money from, however, was not an immediate family member. Moreover, Crossen concealed that he borrowed any money from any of his customers at all on annual compliance questionnaires he completed for his employer in 2022 and 2023. As such, Crossen’s actions violated FINRA Rules 2010 and 3240.
Crossen’s Regulatory History
As hinted above, this is not Crossen’s first regulatory issue. Crossen is currently suspended for not paying a $2.4 million arbitration award against him related to loans he borrowed from his prior employer. Before his suspension, he was associated with Raymond James & Associates, Inc., Morgan Stanley, Wells Fargo Advisors, LLC, and Citigroup Global Markets Inc. He has five disclosures on his BrokerCheck, including the FINRA proceeding and arbitration award noted above. In addition, he has two pending customer disputes, alleging that he made unsuitable investment recommendations that were not in his clients’ best interests. His final disclosure relates to his separation from Raymond James after it discovered that Crossen was not forthright about the loans he borrowed from his prior employer that lead to the $2.4 million arbitration award.
Impacted Investors
If you have questions regarding a personal loan you made to your financial advisor, or a request your financial advisor made to you for one, do not hesitate to contact our office at 800-556-3526 or complete our contact form for a free consultation. Even after a broker is suspended or barred from the industry, investors retain their rights to file FINRA arbitration claims seeking recovery for investment losses. In many cases, the financial advisor’s brokerage firm may be held liable for failing to supervise the broker’s activities. FINRA arbitration allows investors to pursue these claims without the expense of traditional litigation. Act before time runs out on your claim.