Indianapolis, Indiana – December 10, 2025 – Kirk James Crossen (CRD# 2742256), a former financial advisor with Raymond James & Associates and Morgan Stanley, faces multiple serious disclosures including a FINRA suspension, pending regulatory complaints, customer disputes, and an employment termination. According to his FINRA BrokerCheck record, FINRA suspended Crossen indefinitely in May 2025 for failure to comply with an arbitration award or settlement agreement. Additionally, FINRA filed a complaint in November 2025 alleging that Crossen borrowed $400,000 from an 84-year-old customer with diminished capacity, then concealed the loans from his firm. Crossen is no longer registered as a securities broker. These disclosures raise critical concerns for investors who worked with this advisor.
BrokerCheck Snapshot
Name: Kirk James Crossen
CRD #: 2742256
Current Status: Not currently registered
Previous Firms: Raymond James & Associates, Morgan Stanley, Wells Fargo Advisors
Location: Indianapolis, Indiana / Carmel, Indiana
Years in Industry: 29
Number of Disclosures: 5
FINRA Suspension and Regulatory Actions
Final FINRA Suspension (May 2025)
On May 1, 2025, FINRA suspended Kirk James Crossen indefinitely for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance. According to FINRA Rule 9554 and Article VI, Section 3 of FINRA By-Laws, this suspension affects all capacities and has no end date, meaning Crossen cannot work in the securities industry until the issue is resolved.
Details of the Final Suspension:
- Date Initiated: May 1, 2025
- Sanction: Indefinite suspension
- Docket Number: 23-03355
- Status: Final
- Capacities Affected: All capacities
Pending FINRA Regulatory Complaint (November 2025)
FINRA filed a formal complaint against Crossen on November 11, 2025, alleging serious violations of firm policies and industry standards. The complaint alleges that Crossen borrowed a total of $400,000 through three loans from a customer, specifically a trust, while employed at Morgan Stanley.
Key Allegations in the Pending Complaint:
- Unauthorized Borrowing: Crossen allegedly borrowed money from a customer whose firm written supervisory procedures (WSPs) did not allow such borrowing because neither the trust nor its beneficial owner was an immediate family member
- Elder Financial Exploitation: At the time of the loans, the beneficial owner was 84 years old and allegedly suffering from diminished capacity
- Concealment: Crossen allegedly concealed the loans from Morgan Stanley by falsely stating on annual compliance questionnaires that he had not borrowed money from customers
- Docket Number: 2023079069001
- Status: Pending
These allegations represent potential violations of FINRA rules regarding borrowing from customers, fiduciary duty, and compliance with firm policies.
Customer Complaints Against Kirk James Crossen
Pending Customer Complaint #1 (April 2025)
A customer filed a complaint on April 3, 2025, alleging that Crossen, the claimant’s ex-spouse, did not manage their joint accounts in their best interest during the period from 2016 through 2022.
Details:
- Date Filed: April 3, 2025
- Employing Firm: Morgan Stanley
- Allegations: Mismanagement of joint accounts, failure to act in client’s best interest
- Alleged Damages: $872,431.07
- FINRA Docket: 25-00691
- Status: Pending
Customer Complaint #2 – Settled (October 2023)
A customer filed a substantial complaint in October 2023 alleging that the investment strategy executed in their account was unsuitable during 2022-2023.
Details:
- Date Filed: October 30, 2023
- Employing Firm: Morgan Stanley Smith Barney
- Allegations: Unsuitable investment strategy
- Products Involved: Equity Listed (Common & Preferred Stock), self-directed fee-based accounts
- Alleged Damages: $6,000,000.00
- Settlement Amount: $750,000.00
- Crossen’s Contribution: $0.00
- FINRA Docket: 23-03162
- Status: Settled March 19, 2025
The $750,000 settlement in this case, while Morgan Stanley bore the entire cost, indicates the seriousness of the allegations and the firm’s desire to resolve the matter.
Employment Termination from Raymond James
Kirk James Crossen was discharged from Raymond James & Associates on October 31, 2023, after allegations that he lacked candor during an inquiry into a loan from a former client at his prior firm (Morgan Stanley).
Termination Details:
- Employer: Raymond James & Associates, Inc.
- Termination Date: October 31, 2023
- Termination Type: Discharged
- Allegations: Alleged to have lacked candor during inquiry into loan from the individual’s former client at prior firm
- Employment Duration: April 2023 – October 2023 (approximately 7 months)
This termination occurred shortly after Crossen joined Raymond James, suggesting the loan issue from his Morgan Stanley employment followed him to his new position.
Pattern of Complaints / Risk Factors
The multiple disclosures on Crossen’s record reveal a concerning pattern involving alleged unauthorized borrowing from customers, particularly vulnerable elderly clients, concealment of material information from compliance departments, and unsuitable investment recommendations. Allegations of borrowing from an 84-year-old customer with diminished capacity raise serious concerns about potential elder financial abuse, violations of fiduciary duty, and exploitation of vulnerable investors. The indefinite FINRA suspension for non-compliance with arbitration awards further suggests ongoing issues with fulfilling regulatory obligations. Investors who worked with Kirk James Crossen, particularly elderly clients or those in joint accounts, should immediately review all account activity, loan agreements, and transactions for any irregularities.
Can Investors Recover Losses?
Investors who experienced unauthorized transactions, misrepresentation, unsuitable recommendations, or other misconduct may be entitled to recover their losses through FINRA arbitration. FINRA arbitration is a dispute resolution process designed specifically for securities-related claims and provides an alternative to traditional court litigation.
Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you.
If you experienced losses, unauthorized borrowing, unsuitable investments, or account mismanagement while working with Kirk James Crossen at Morgan Stanley, Raymond James, Wells Fargo Advisors, or any other firm, contact our office at 800-950-6553 or info@patillaw.com to discuss your options.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident, making it important to act promptly if you suspect broker misconduct.
Related Brokers and Firms
Investors with accounts at Morgan Stanley advisors, Raymond James advisors, or Wells Fargo Advisors may benefit from reviewing their account history for similar issues. Other advisors at these firms may have faced customer complaints and regulatory disclosures.
For investors who experienced losses involving specific misconduct types, the following resources may be helpful:
Frequently Asked Questions
Q1: What are the complaints against Kirk James Crossen?
Kirk James Crossen faces multiple serious disclosures including an indefinite FINRA suspension for non-compliance with an arbitration award, a pending FINRA complaint alleging he borrowed $400,000 from an 84-year-old customer with diminished capacity and concealed the loans from his firm, two pending customer complaints seeking $872,431and alleging unsuitable strategies, a settled complaint for $750,000 involving unsuitable investments, and a termination from Raymond James for alleged lack of candor.
Q2: Can investors recover losses involving Morgan Stanley or Raymond James?
Yes. Investors who suffered losses due to broker misconduct at Morgan Stanley, Raymond James, or Wells Fargo Advisors may be entitled to recover their losses through FINRA arbitration. The arbitration process allows investors to pursue claims against both the broker and the firm for unauthorized transactions, unsuitable recommendations, breach of fiduciary duty, and other securities violations.
Q3: What is FINRA arbitration?
FINRA arbitration is a dispute resolution forum specifically designed for securities-related claims. It provides a faster and less expensive alternative to traditional court litigation, with most cases resolved within 12-16 months. An arbitration panel reviews the evidence and makes a binding decision on the claim.
Q4: What does “unsuitable investment” mean?
An unsuitable investment is a security or product that does not align with an investor’s financial situation, risk tolerance, investment objectives, or time horizon. Brokers have a legal obligation to recommend only suitable investments. Violations can include recommending high-risk products to conservative investors or implementing investment strategies that expose clients to excessive risk.
Q5: How do I look up a broker on BrokerCheck?
Visit FINRA’s BrokerCheck website and search by the broker’s name or CRD number. The report will show employment history, qualifications, and any customer complaints, regulatory actions, or terminations. BrokerCheck is a free public resource maintained by FINRA.
Q6: What should I do if I suspect broker misconduct?
First, gather all account statements, correspondence, loan documents, and documentation related to your investments. Next, consider filing a complaint with FINRA and your state securities regulator. Finally, consult with a securities attorney experienced in FINRA arbitration to evaluate whether you have a valid claim for recovery.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law for a Free Consultation
If you experienced investment losses while working with Kirk James Crossen or another broker at Morgan Stanley, Raymond James, Wells Fargo Advisors, or any other firm, contact Patil Law, P.C. today. Our experienced securities attorneys can review your case and explain your legal options at no cost and with no obligation.
Call: 800-950-6553
Email: info@patillaw.com
Website: investmentlosslawyer.com
Disclaimer: The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are pending or unproven and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
