According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) broker Stewart Ginn (Ginn), currently associated with Independent Financial Group, LLC, has been subject to at least 5 disclosable events. These events include 3 customer complaints, 2 regulatory events. Several of those complaints against Ginn concern allegations of high frequency trading activity also referred to as churning or excessive trading among other securities laws violations.
FINRA BrokerCheck shows a final customer complaint on January 23, 2025.
On August 29, 2024, the Financial Industry Regulatory Authority (‘FINRA’) issued an Order Accepting Offer of Settlement accepting Ginn’s Offer of Settlement wherein, without admitting or denying the allegations, Ginn consented to the entry of findings and violations alleging that, among other things, from July 2020 and December 2022, Ginn violated the Best Interest Obligation under Rule 151-1(a) of the Exchange Act and violated FINRA Rule 2010 by excessively trading five customers’ accounts, including three customers who were retired seniors; engaging in frequent in-and-out trades in the customers’ accounts while charging high commissions on both buys and sells, resulting in the customers incurring realized losses of more than $2.22 million and Ginn and his firm generating more than $2.24 million in commissions; and improperly trading at least four of the customers’ accounts on discretion and frequently buying and selling securities in the accounts without obtaining customer authorization for each transaction; and\<char_lb_r>\, WHEREAS, pursuant to the Order Accepting Offer of Settlement, Ginn was suspended from association with any FINRA member firm in any capacity for a period of eighteen (18) months, fined $50,000, and ordered to pay restitution in the amount of $115,000 plus interest.
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