Former First Standard Financial Company broker Michael Leahy (CRD# 1899498) has been barred by the Financial Industry Regulatory Authority (FINRA)...Read More
Dennis Haywood: REIT Complaints Against Crown Capital Broker
Dennis Haywood (CRD# 5850275), a broker and investment adviser based in Land O’ Lakes, Florida, has received settled and pending customer complaints alleging losses of as much as $330,000. According to records provided by the Financial Industry Regulatory Authority (FINRA), these complaints allege the Crown Capital Securities representative recommended unsuitable investments and made misrepresentations of material facts.
Dennis Haywood’s BrokerCheck report lists a total of eight settled or pending customer complaints. In reverse chronological order:
A complaint filed in April 2021 alleges that Haywood, in his capacity as a representative of Crown Capital Securities, made unsuitable investment recommendations, misrepresented material facts pertaining to investments, and did not conduct proper due diligence regarding a purchase of alternative investments. The pending complaint alleges damages of $330,000.
A complaint filed in July 2020 alleges that Haywood, in his capacity as a representative of Crown Capital Securities, did not conduct adequate due diligence, acted negligently, and misrepresented and omitted material facts regarding an investment in a non-traded real exchange investment trust. The pending complaint alleges unspecified damages expected to exceed $5,000.
A pending complaint filed in May 2020 alleges that Haywood, while at Crown Capital, violated his fiduciary obligations and made unsuitable recommendations in connection to investments in non-traded real estate investment trusts and non-traded business development companies. The complaint goes on to allege that the customers “were misled” about the investments’ time horizons and projected performance returns. The pending complaint alleges damages of more than $167,300.
A complaint filed in May 2020 alleges he violated his fiduciary and suitability obligations and made misrepresentations regarding investments in non-traded REITs, non-traded BDCs, and a variable annuity product. The pending complaint alleges damages of $250,000.
Another May 2020 complaint alleged that he sold the customers “alternative investments that underperformed.” The complaint reached a settlement in March 2021 of $160,000.
An April 2020 complaint alleged that he recommended unsuitable alternative investments, did not conduct proper due diligence, and breached contract. The complaint reached a settlement in February 2021 of $95,000.
A representative of Crown Capital Securities since 2013, Haywood has passed three securities industry qualifying examinations: the Uniform Investment Adviser Law Examination, or Series 65; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He is registered as a broker and investment adviser in Florida. (Information current as of June 6, 2021.)