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Hobby Barndollar: REIT Complaints Against Land O’ Lakes Advisor

PurePath Wealth Management advisor Hobby Barndollar (CRD# 3027317) has received numerous investor complaints alleging he recommended unsuitable investments. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former Crown Capital Securities broker is based in Land O’ Lakes, Florida.

Mr. Barndollar’s BrokerCheck report discloses ten investor complaints. The most recent, filed in 2020, alleges that as a resident of Crown Capital Securities, he recommended unsuitable investments, acted negligently, and made misrepresentations and omissions of material facts regarding transactions in alternative and variable annuity investments. In 2021 the complaint reached a settlement of $82,500.

A second investor complaint, filed in 2020, alleged he recommended unsuitable investments and made misrepresentations of material facts regarding alternative investments and variable annuity products. The pending complaint alleges unspecified damages.

A third investor complaint, filed in 2021, alleged that he recommended unsuitable investments including a non-traded real estate investment trust (REIT) and a non-traded business development company (BDC). In 2021 the complaint reached a settlement of $35,000. A broker statement on the disclosure notes that “Despite the allegations in the Statement of Claim, Mr. Barndollar was not the financial advisor for Claimants,” adding that he “intends to vigorously defend this claim.”

A fourth investor complaint, filed in 2020, alleges that he sold alternative investments that under-performed. The complaint, which also concerned investments in a non-traded REIT and a non-traded BDC, reached a settlement of $160,000.

A fifth investor complaint, filed in 2020, alleged that he acted negligently, misrepresented and omitted material facts, and recommended unsuitable investments in non-traded REITs. In 2021 the complaint reached a settlement of $25,000. In a statement on the complaint’s disclosure, Mr. Barndollar wrote that he “denies the baseless allegations,” adding that “The client was thoroughly educated on the risks associated with the investments and has other similar investments.”

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Hobby Barndollar holds 18 years of securities industry experience. Based in Land O’ Lakes, Florida, he has been an investment advisor with PurePath Wealth Management since 2014. He currently is not registered as a broker. His past registrations include Crown Capital Securities (Land O’ Lakes, Florida; 2013-2021), Newport Coast Securities (Odessa, Florida; 2008-2013), J.P. Turner & Company (New Port Richey, Florida; 2007-2008), Calton & Associates (Ocala, Florida; 2007), Brookstreet Securities Corporation, and Dean Witter Reynolds. His credentials include the passage of six securities industry qualifying examinations: the General Securities Principal Examination, or Series 24; the Futures Managed Funds Examination, or Series 31; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. (Information current as of July 21, 2022.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

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