Investors File Disputes About Hugh Barndollar’s Alternative Investment Sales
The Financial Industry Regulatory Authority (“FINRA”) reports troubling information relating to securities broker Hugh “Hobby” Ordway Barndollar III (CRD#: 3027317, Land O’ Lakes, Florida). Evidently, Barndollar worked as a securities broker for firms including JP Turner Company, Newport Coast Securities and Crown Capital Securities. He has also worked as a financial advisor for Pure Path Wealth Management, Barndollar Financial and Barndollar Advisory Services. Here’s a brief overview of the disputes which collectively allege sales practice violations including misrepresentation and suitability relating to the broker’s alternative investment sales.
Crown Capital Securities Client Indicates That Hugh Barndollar Sold Unsuitable Investments
Evidently, a client of Crown Capital Securities disputed Barndollar’s sales practices through a FINRA Arbitration Claim in August 2020. First of all, the client alleged that the broker sold unsuitable investments. Secondly, Barndollar supposedly misrepresented and concealed facts about alternative investments. Negligence is also alleged in the dispute. It seems that the client invested in bad non-traded REITs and other securities. For this reason, the client demanded compensation in this ongoing matter.
Barndollar Supposedly Misrepresents Information About Client’s Alternative Investments
Notably, a second Crown Capital Securities client came forward in August 2020 with a dispute about the broker. In this dispute, the client alleges negligence and suitability concerning various investments including non-traded REITs, annuities and oil and gas securities. Not only that, but the client indicated that Barndollar omitted and misrepresented facts about these transactions. For this reason, the client seeks compensatory relief in this pending dispute.
Negligence, Inadequate Due Diligence Alleged In Crown Capital Securities Client’s Dispute About Hugh Barndollar
BrokerCheck also shows that a client of Crown Capital Securities brought suit in July 2020 about Barndollar. As with the other disputes, this client alleged that the broker was negligent and provided misrepresented information about REITs. It appears that the client invested in an aggressive and illiquid investment because of the broker. Further, Barndollar or Crown Capital Securities purportedly did not do a reasonable amount of due diligence on the non-traded REIT transactions. This claim awaits a resolution.
Barndollar Allegedly Breaches Fiduciary Duty In Client’s Alternative Investment Transactions
Moreover, a fourth Crown Capital Securities client disputed Barndollar’s sales practices. In this June 2020 dispute, the client indicated that the broker allegedly breached a fiduciary duty. It is possible that Barndollar may have overlooked the client’s risk tolerance, investment goals or other suitability criteria. Also, the client alleged improper due diligence on these investments. For this reason, the client asked for $125,000 in damages in this ongoing matter.
Did Hugh Barndollar Sell You GPB Capital Holdings Or Other Alternative Investments?
Did you sustain losses because of investing in alternative investments through Hugh Barndollar? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms. FINRA BrokerCheck indicates that Hugh Barndollar denies all allegations of his sales practice violations.