Financial Industry Regulatory Authority (FINRA) BrokerCheck shows disclosures about securities broker Stewart Ginn (also known as Stewart Taylor and Paxton Ginn Jr.) [CRD: 4503197, Santa Maria, California]. Evidently, Ginn joined Independent Financial Group LLC on September 3, 2015, and worked for Navian Capital Securities LLC in Cincinnati, Ohio, from February 18, 2021, to March 10, 2023. Keep reading to learn more about the client disputes and FINRA regulatory action involving Ginn’s sales practices.
Specifically, on August 29, 2024, FINRA fined Stewart Ginn and suspended him for 18 months from being a securities broker or holding other securities positions with FINRA-member firms. According to FINRA, Ginn engaged in excessive and unauthorized trading in the accounts of five clients at Independent Financial Group, resulting in losses for the clients. This conduct violated FINRA Rule 2111 and Regulation BI (Best Interest Obligation Rule 15l-1), which require securities brokers to make recommendations that align with clients' financial profiles and goals.
From July 2020 to December 2022, Ginn also allegedly engaged in frequent and excessive trades in client accounts, generating over $2,240,000 in commissions for himself and Independent Financial Group. The affected clients were primarily elderly. FINRA found that these trades resulted in over $2,220,000 in realized losses for the clients, while Ginn profited from commissions.
Specifically, FINRA stated that Ginn violated FINRA Rule 3260 by exercising discretion in at least four client accounts without obtaining prior written authorization, which is required for discretionary trading.
Particularly, on May 23, 2024, FINRA Arbitration No. 23-02504 settled, with Independent Financial Group agreeing to pay $700,000 in damages to resolve claims of unsuitable recommendations in over-the-counter equities involving Stewart Ginn’s conduct.
On March 30, 2023, a client of Independent Financial Group filed FINRA Arbitration No. 23-03073, accusing Stewart Ginn of making unsuitable recommendations regarding structured notes. The client is seeking $250,000 in damages, claiming that Ginn’s advice did not align with their investment goals. This matter is currently pending a resolution.
On September 6, 2024, FINRA Arbitration No. 23-03531 settled for $1,100,000 in damages. The client alleged excessive trading, churning, breach of contract, negligent supervision, misrepresentation, and breach of fiduciary duty related to Ginn’s activities while associated with Independent Financial Group.
Contact Soreide Law Group online or at (888) 760-6552 to speak with a securities attorney for more information. Ginn and the firms he worked for deny the allegations of sales practice violations. Soreide Law Group has experience representing investors throughout the country. The firm also handles cases on a contingency basis.
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