According to FINRA, James Burchett Cross was suspended from association with any FINRA member firm for failure to comply with an arbitration award pursuant to FINRA Rule Series 9554.

The suspension was in effect from February 5, 2025, through April 1, 2025, indicating that the individual satisfied the arbitration award or reached an agreement with the claimant to lift the suspension.

FINRA's Rule 9554 suspension process incentivizes payment of arbitration awards by preventing non-compliant individuals from working in the securities industry. When individuals cannot earn income from securities activities, they have strong motivation to satisfy their obligations.

The underlying arbitration case was FINRA Arbitration Case #24-01744.

What Investors Can Learn: This case demonstrates that the FINRA Rule 9554 suspension process can be effective in motivating payment of arbitration awards. When brokers face the prospect of losing their ability to work in the industry, many will find a way to satisfy their obligations. Investors who win arbitration awards should ensure that FINRA is informed if payment is not received.