Kenneth Barroga: Ex-Crown Capital Advisor Has REIT Complaint

A recent investor complaint against former Watsonville, California financial advisor Kenneth Barroga (CRD# 2288752) reached a settlement of more than $150,000. Financial Industry Regulatory Authority records show that he is not currently registered as a broker or an investment advisor, though he was most recently registered with Crown Capital Securities and did business as Barroga & Associates.

Mr. Barroga’s BrokerCheck report discloses several investor complaints. The most recent, filed in 2020, alleged that as a representative of Crown Capital Securities, he recommended unsuitable investments in a non-traded real estate investment trust and a non-traded business development company, breached his fiduciary duty, misrepresented and omitted material facts, and failed to perform adequate due diligence. The complaint reached a settlement of $165,000.

An earlier investor complaint, filed in 2018, alleged fraud, negligent misrepresentation, breach of fiduciary duty, unsuitable investment recommendations, negligence, and elder financial abuse while he was at Crown Capital Securities. The complaint evolved into an arbitration proceeding before a FINRA panel, which issued an award to the customer of $160,097.59.

A third investor complaint, filed in 2004, alleged he recommended bonds that did not yield the return represented to the customer. The complaint reached a settlement of $16,000.

A fourth investor complaint, filed in 2002, alleged he misrepresented material facts relating to variable annuity products while he was at Wells Fargo Securities. In 2004 the complaint reached a settlement of $115,000.

According to the Financial Industry Regulatory Authority, Kenneth Barroga holds 28 years of securities industry experience. Most recently based in Watsonville, California, he was last registered as a broker with Crown Capital Securities from 2011 until 2020. His past registrations include LPL Financial, Chase Investment Services, WAMU Investments, Wells Fargo Investments, Wells Fargo Securities, and Marketing One Securities. His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; 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. He is currently not registered as a broker or as an investment advisor. (Information current as of September 3, 2022.)

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