Crown Capital Securities Broker Has Four Customer Disputes On Record
Lanny Ray Howarter, a Crown Capital Securities registered representative, is named in a more than $624K Financial Industry Regulatory Authority (FINRA) arbitration claim accusing him of unsuitability, negligence, breach of fiduciary duty, omissions, and negligence involving alternative investment products. This latest customer dispute was brought in November 2020.
At Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com), our San Diego broker fraud attorneys are looking into claims involving Lanny Howarter and other Crown Capital Securities registered representatives who may have sold investments to customers even when they were unsuitable for their portfolios and risk tolerance levels.
The broker-dealer is among the dozens of firms that sold GPB private placements to customers. GPB Capital Holdings, an alternative asset firm, is accused of operating a more than $1.5B Ponzi scam.
According to Howarter’s BrokerCheck record, there have been three other customer disputes naming him, including:
- 11/2017: This alternative investment fraud case involved various products. The claimant alleged failure to supervise, negligence, breach of fiduciary duty, fraud, and unsuitability. The claim was settled for $122K.
- 3/2010: Settled for $250K, this investor fraud case alleged fraud, misrepresentations, negligence, and breach of fiduciary duty related to the sales of a limited partnership program.
- 3/2004: This customer dispute was settled for $95K. The claimant alleged misrepresentations and unsuitability.
Lanny Howarter has worked 35 years in the industry. He also is a registered investment advisor. Other firms where he used to work include Signator Investors, ESI Financial Advisor, Equity Services, The Lincoln National Life Insurance Co., and the Lincoln Financial Advisors Corp.
Brokerage Firm Negligence
Broker-dealers have a duty to conduct proper due diligence before approving an investment and making sure that it is only marketed and sold to customers for whom they are suitable. Brokerage firms can be held liable for the fraudulent, negligent, or careless actions of their financial advisors if investor losses result.
San Diego Investment Fraud Law Firm
Our San Diego broker fraud lawyers at SSEK Law Firm are here to help you explore your legal options and determine whether you have grounds for a FINRA arbitration claim. We have helped thousands of investors over the years, recovering many millions of dollars on our clients’ behalf.
Call our San Diego securities fraud law office today at (619) 550-4847 if you suffered losses while working with Crown Capital Securities stockbroker Lanny Howarter or another financial advisor.