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Stewart Ginn: FINRA Files Complaint Against Paxton Financial Advisor
A pending regulatory complaint against Encinitas financial advisor Stewart Ginn (CRD# 4503197) alleges that he churned and excessively traded customer accounts. Financial Industry Regulatory Authority records show that he is a broker with Independent Financial Group, doing business as Paxton Financial Services.
Mr. Ginn’s BrokerCheck report discloses the pending FINRA enforcement action against him. Filed in October 2023, it alleges that as a representative of Independent Financial Group, he churned and excessively traded the accounts of his customers, none of whom were aggressive investors. According to the complaint, “one of the customers was in her late 80s and suffering from Alzheimer’s disease; a second retired customer was in her late 70s; and a third retired customer was between 69 and 71 years old.” Mr. Ginn allegedly made frequent “in-and-out trades” in their accounts while charging high commissions, resulting in realized losses exceeding $2.22 million for his customers and commissions exceeding $2.24 million for himself and his firm.
The complaint alleges further that he ‘recommended a series of transactions to one of the customers that was excessive and quantitatively unsuitable in light of the customer’s investment profile.” He also allegedly made improper discretionary trades in customer accounts, according to the complaint, and “frequently engaged in buying and selling securities without obtaining customer authorization for each transaction.” As a report by AdvisorHub states, Mr. Ginn and Independent Financial Group did not respond to requests for comment about the complaint, which is still pending.
According to the Financial Industry Regulatory Authority, Stewart Ginn holds 21 years of securities industry experience. Based in Encinitas, California, he has been a broker with Independent Financial Group since 2015, doing business as Paxton Financial Services. His past registrations include Navian Capital Securities (Cincinnati, Ohio; 2021-2023), Newbridge Securities Corporation (New York, New York; 2009-2021), Chicago Investment Group (Chicago, Illinois; 2005-2009), Ladenburg Thalmann & Company (New York, New York; 2002-2005), and Ladenburg Capital Management (Bethpage, New York; 2002). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He holds 38 state licenses. (Information current as of October 22, 2023.)
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