Erez Law is currently investigating Crown Capital Securities, L.P. broker Kenneth Barroga (CRD# 2288752) regarding suitability concerns. Barroga has been registered with Crown Capital Securities, L.P. in Watsonville, California since 2011.
Barroga has been the subject of five customer complaints between 2002 and 2020, one of which was denied, according to his CRD report. The most recent complaints are regarding:
- June 2020. “The customer alleges lack of suitability, breach of fiduciary duty, misrepresentation and omissions of material facts and lack of due diligence in connection with transactions in alternative investment products.” The customer is seeking $180,000 in damages and the case is currently pending. The complaint was regarding direct investments, non-traded business development companies (BDCs) and non-traded real estate investment trusts (REITs).
- November 2018. “Between 2012 and 2015, it is alleged that Mr. Barroga was negligent and misrepresented the illiquidity of the REITs he recommended to the clients and that the investment was unsuitable considering the age of the clients.” The customer sought $250,000 in damages and the client was granted $160,097.59. The complaint was regarding real estate securities.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Crown Capital Securities, L.P. may be liable for investment or other losses suffered by Barroga’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.