STEWART GINN Excessive Commissions Allegations

The Financial Industry Regulatory Authority (FINRA) has initiated disciplinary actions against STEWART GINN (also known as STEWART TAYLOR, PAXTON GINN JR.), a broker currently with INDEPENDENT FINANCIAL GROUP, LLC of Encinitas, California, according to a recent article in Financial Advisor IQ.  The article states that Ginn allegedly earned millions of dollars in commissions while causing extreme losses for several of his clients, including a client in her late 80s who was suffering from Alzheimer's disease.

According to the Financial Advisor IQ article, STEWART GINN,allegedly engaged in excessive trading in five clients' accounts between July 2020 and December 2022, while registered as a broker through INDEPENDENT FINANCIAL GROUP. The article states that Ginn’s trading allegedly caused the clients more than $2.22 million in losses while earning Ginn and his firm over $2.24 million in commissions.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, STEWART GINN has been in the securities industry for 21 years and has been listed with 6 firms. Ginn has been listed with INDEPENDENT FINANCIAL GROUP, LLC of Encinitas, California since September of 2015. Ginn has 5 disclosures on his FINRA CRD report. One of the disclosures is the “Regulatory” naming him in the complaint.  The other four are “Customer Disputes.” The significance of Ginn’s FINRA customer complaints is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words Ginn’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints. There are two pending customer disputes against STEWART GINN from 2023.  The damages requested are, $120,000.00 and $1,400,000.00. The allegations are in part, excessive trading, and investments were not suitable in light of Claimant's age. There is a settled dispute from 2022 alleging excessive commissions that settled for $120,000.00. Ginn denies the allegations.

According to the FA IQ article STEWART GINN’s trading allegedly resulted in annualized cost-to-equity ratios of between 14% and 27%, which made the possibility of making a profit in the accounts unlikely.

If you or an elderly loved one have experienced investment losses due to the actions or recommendations of STEWART GINN, a broker with INDEPENDENT FINANCIAL GROUP, LLC of Encinitas, California, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.