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Kirk Crossen: $6mm Complaint Against Ex-Morgan Stanley Advisor

A recent investor complaint against Carmel, Indiana financial advisor Kirk Crossen (CRD# 2742256) alleges that his conduct resulted in millions of dollars in damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Raymond James & Associates.

Mr. Crossen’s BrokerCheck report discloses one investor complaint. Filed in October 2023, it alleges that as a representative of Morgan Stanley Smith Barney, he executed an unsuitable investment strategy in the customer’s account. The pending complaint alleges damages of $6 million.

FINRA rules codify numerous important standards that stockbrokers like Mr. Crossen must follow. One of these is the suitability standard, which stipulates that representatives must “have a reasonable basis to believe” that their investment recommendations are appropriate for the clients to whom they make them. As laid out in FINRA Rule 2111, brokers determine an investment’s suitability by evaluating “information obtained through reasonable diligence of the firm or associated person to ascertain the customer’s investment profile.” The customer’s investment profile includes their age, net worth, risk tolerance, income, and more.

According to the Financial Industry Regulatory Authority, Kirk Crossen holds 27 years of securities industry experience. Based in Carmel, Indiana, he has been a broker and an investment advisor with Raymond James & Associates since April 2023. His past registrations include Morgan Stanley (Indianapolis, Indiana; 2016-2023), Wells Fargo Advisors (Indianapolis, Indiana; 2006-2016), Citigroup Global Markets (Indianapolis, Indiana; 2002-2006), and Morgan Stanley DW (Purchase, New York; 1996-2002). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; 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 is licensed in Colorado, Florida, Illinois, Indiana, Michigan, Missouri, New York, North Carolina, Texas, and Wisconsin. (Information current as of November 13, 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.

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