Kirk Crossen, of Carmel, Indiana, a financial advisor formerly associated with Morgan Stanley, is the subject of a regulatory complaint alleging that he improperly borrowed money from a senior customer. Financial Industry Regulatory Authority records show that he was most recently registered as a broker with Raymond James & Associates, but that he has been suspended from acting as a broker.
A Letter of Acceptance, Waiver, and Consent (No. 2023079069001), filed in November 2025, alleges that Mr. Crossen borrowed a total of $400,000 from a customer, via the customer’s trust, who “was 84 years old and suffering from the onset of dementia.” The written supervisory procedures of his member firm at the time, Morgan Stanley, forbade representatives from borrowing funds from customers unless the customers were immediate family members. Mr. Crossen allegedly also stated falsely on firm questionnaires that he had not borrowed money from customers. FINRA is seeking various sanctions in the complaint, which is still pending.
FINRA Public Disclosure discloses two customer initiated investment related complaints. One complaint, filed in April 2025, and seeking damages of $872,431.07, alleges that as a representative of Morgan Stanley, Crossen did not manage accounts in the customer’s best interest.
Another investor complaint, filed in October 2023, alleges that Crossen he engaged in an unsuitable investment strategy. This complaint was settled in March 2025 for $750,000.
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