Last Updated: November 2023 (Encinitas, CA)
Stewart Ginn Investigation Summary
Here’s what you need to know about Encinitas, CA, stockbroker Stewart Ginn:
- Name: Mr. Stewart Ginn
- Current Employer: Independent Financial Group
- DBA: Paxton Financial Services, Crosby Investment Group
- Previous Firms: Navian Capital Securities, Newbridge Securities Corp.
- Function: Stock Broker/ Financial Advisor
- Aliases: Stewart Taylor Paxton Ginn, Jr.
- Primary Location: Encinitas, CA
- CRD 4503197
- Can Stewart Ginn be sued in FINRA arbitration: Yes
- Ongoing FINRA Investigation: Yes
- Highest Settlement or Award: $400,000
- Customer losses according to FINRA: $2.22 million
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Stewart Ginn As Your Stockbroker?
FINRA has filed a complaint against Stewart Ginn, see below for details.
Three customers of Independent Financial Group currently have pending FINRA cases seeking large losses due to the actions of Stewart Ginn.
Allegations of Broker Misconduct Against Stewart Ginn by FINRA
According to the FINRA Complaint filed in 10/2023 Stewart Ginn churned and excessively traded five customers’ accounts between July 2020 and December 2022 causing cumulative losses of more than $2.22 million, while generating more than $2.24 in commissions for Ginn and Independent Financial Group.
Additional highlights of FINRA’s complaint:
- One of the customers was in her late 80’s and suffering from Alzheimer’s disease; two others were in their late 70’s.
- None of the customers was an aggressive trader
- Ginn engaged in frequent in and out trades, charging commissions on both buys (3%) and sells (2%).
- Ginn improperly traded without the customers’ authority
- By excessively trading the accounts owned by four retail customers, Ginn willfully violated the Best Interest Obligation under Rule 15l-1(a) of the Exchange Act (“Regulation BI”) and violated FINRA Rule 2010.
- By exercising discretion without written authorization in four of the five customers’ accounts, Ginn violated FINRA Rules 3260 and 2010.
FINRA seeks sanctions against Ginn as provided for under FINRA Rule 8310(a), including disgorgement of all ill-gotten gains and to make full restitution, with interest.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Stewart Ginn, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
