National investment fraud lawyers KlaymanToskes reports that broker/investment advisor John Danh Nguyen (CRD# 4919629) and Crown Capital Securities have been found jointly and severally liable by a FINRA arbitration panel for making unsuitable and illiquid investment recommendations to customers, and have been ordered to pay $780,220 in compensatory damages by FINRA. John Nguyen is also doing business as FIT Strategic Advisors.
The customers’ complaint related to recommendations to invest in:
FINRA’s Arbitration Award also named SCF Securities, Inc. and the following Crown Capital executives, brokers, and investment advisors as respondents:
Investors who suffered losses at the hands of John Danh Nguyen and/or any other broker/advisor at FIT Strategic Advisors, Crown Capital, or SCF Securities are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Crown Capital Securities, L.P. and SCF Securities, Inc. entered into an Arbitration Award with FINRA’s Dispute Resolution Services on May 5, 2023. The award also named several representatives and executive officers of Crown Capital, listed above.
A Financial Industry Regulatory Authority (“FINRA”) arbitration panel held Crown Capital and John Danh Nguyen jointly and severally liable, and ordered them to pay the customers $780,220 in compensatory damages.
In a February 2021 complaint, the customers alleged up to $5,000,000 in damages and asserted the following causes of action: breach of contract and warranties, promissory estoppel; violation of the California Securities Act; violation of the California Consumer Legal Remedies Act; claims under common law; and vicarious liability.
The customers’ complaint related to recommendations to invest in GPB Capital, MVP Parking REIT, APEX Oil, and “various other unspecified securities.” In KlaymanToskes’ opinion, the securities recommended by John Danh Nguyen to its customers were unsuitable, high-risk, and highly illiquid.
KlaymanToskes believes that brokerage firms and brokers/advisors that recommended and/or sold these illiquid investments may have misrepresented them as safe and low-risk to customers. Financial professionals who unsuitably make recommendations, without regard for investors’ best interests, and/or who over-concentrate their customers’ accounts, may be liable for any investment losses incurred.
If you suffered losses at the hands of John Danh Nguyen and/or any other broker/advisor at FIT Strategic Advisors, Crown Capital, or SCF Securities, contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com