Crown Capital Sued For Alternative Investment Sales
Hugh Ordway Barndollar III (also known as Hobby Barndollar) of Land O’ Lakes Florida a stockbroker currently registered with Crown Capital Securities LP is the subject of a customer initiated investment related arbitration claim where the customer sought $125,000.00 in damages based upon accusations that the customer had been sold illiquid alternative investments during the time that Barndollar was associated with Crown Capital Securities. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01711 (June 9, 2020).
According to the claim, a fiduciary duty that was owed to the customer had been breached. Due diligence was allegedly not performed prior to investment recommendations being made to the customer. The claim also alleges that direct participation program interest or limited partnership interest purchases were unsuitable for the customer.
Barndollar has been identified in three additional customer initiated investment related disputes concerning accusations of his misconduct while employed by Crown Capital Securities. FINRA Public Disclosure confirms that Barndollar is referenced in a customer initiated investment related arbitration claim which was resolved for $47,500.00 in damages founded on accusations of the violation of a fiduciary duty and fraud by the stockbroker in regard to oil and gas investments selected for the customer’s account while Barndollar was employed by Newport Coast Securities and JP Turner Company. The customer’s losses were allegedly caused by Barndollar’s negligence. The claim also alleges that misrepresentations were made to the customer concerning alternative investments.
On July 16, 2019, another customer filed an investment related arbitration claim pertaining to Barndollar’s conduct in which the customer requested $100,000.00 in damages supported by allegations that inadequate due diligence had been undertaken by Barndollar with regard to the customer’s purchases of direct investments. The claim indicates that a fiduciary duty which was owed to the customer had been breached and that Barndollar’s recommendations were negligent. FINRA Arbitration No. 19-01972.
Barndollar is the subject of another customer initiated investment related arbitration claim in which the customer requested $100,100.00 in damages based upon allegations that alternative investment transactions effected by the stockbroker were not suitable for the customer. FINRA Arbitration No. 20-00201 (Apr. 9, 2020). According to the claim, there was a breach of contract and lack of due diligence in regard to the sales of alternative investments made by Barndollar in April of 2018.
Barndollar has been registered with Crown Capital Securities since March 19, 2013.