The Law Offices of Patrick R. Mahoney, P.C. (“PRM”) is investigating the Crosby Investment Group (“Crosby”).
PRM represents clients who have pending FINRA arbitration claims against Crosby’s alleged affiliate and principal, Independent Financial Group (“IFG”).
PRM’s investigation of the Crosby Investment Group takes place concurrently with two other, related investigations:
- PRM’s investigation concerning Independent Financial Group; and
- PRM’s investigation concerning stock broker Stewart Ginn.
Though their situations vary, PRM’s clients have alleged that Crosby’s principals, including IFG and IFG agents, improperly placed them in risky and unsuitable securities. PRM’s clients also allege that their assets were excessively traded, which generated exorbitant, improper commissions. Additionally, PRM’s clients have made claims for breach of fiduciary duty; elder financial abuse; and failure to supervise among others.
If you have any information concerning PRM’s investigation into Crosby Investment Group, or any related investigation, please Contact Us.
Who is Crosby Investment Group?
Crosby Investment Group represents having offices located at the following addresses:
- 2646 Santa Maria, Way, Suite 104; Santa Maria, CA 93455.
- 600 S. Cherry Street, Suite 226; Denver, CO 80246
Crosby Investment Group represents being an investment management firm that caters to the financial needs of families, retirees, and business owners. It also purports to provide assistance in financial planning, and potentially the retirement process.
Stewart Ginn purports to own Crosby Investment Group. PRM’s clients believe that Mr. Ginn acquired Crosby at some point between 2018 and 2019.
Mr. Ginn is a financial advisor who holds securities licenses that qualify him to operate as a stock broker. Specifically, he holds his Series 63 and Series 7 securities licenses. The Financial Industry Regulatory Authority (“FINRA”), is a self-regulatory organization that oversees securities licenses like those Mr. Ginn holds.
Crosby represents having a nine-person team of stock brokers, investment advisors, and insurance agents that make up its investment group.
FINRA has Recommended Discipline for Stewart Ginn for Several Alleged Securities Violations
According to Stewart Ginn’s BrokerCheck report, FINRA has recommended discipline for Mr. Ginn for several alleged securities violations, including securities fraud. Mr. Ginn is also subject of a PRM investigation. BrokerCheck, which FINRA controls, is an online database that provides publicly available information about stock brokers and brokerage firms.
Crosby Investment Group’s Association with Independent Financial Group
FINRA requires those with individual securities licenses to be registered with a FINRA-registered broker-dealer. FINRA members have specific licenses that permit them to operate as a broker-dealer. Crosby is not a FINRA registered broker-dealer.
IFG, however, is a registered broker-dealer. IFG is also registered with the SEC and 53 U.S. states and territories.
It seems that all Crosby’s employees and agents who hold active securities licenses are registered as financial advisors with IFG. The BrokerCheck report for these individuals also demonstrates registration with IFG.
PRM’s clients have alleged (among other things) that IFG failed to supervise Mr. Ginn and potentially others affiliated with Crosby Investment Group.
If you have any information concerning PRM’s investigation into Crosby Investment Group, please Contact Us.