CHAY T LAPIN of FNEX CAPITAL

Soreide Law Group has been contacted by investors who were recommended purchasing Passco Palm Desert, LLC by their broker/dealers and suffered significant financial losses.  Soreide Law Group is currently investigating recommendations to clients by CHAY THOMAS LAPIN (CHAY T LAPIN, CHAY LAPIN) registered as a broker with FNEX CAPITAL, LLC of Torrance, California, since 1/23/2022.

Before FNEX CAPITAL, CHAY T LAPIN was registered as a broker with GROWTH CAPITAL SERVICES INC of Torrance, California from 07/23/2020 - 01/14/2022, and WEALTHFORGE SECURITIES LLC of Torrance, California from 06/12/2017 - 07/28/2020.

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, CHAY T LAPIN has been in the securities industry for 11 years and has been listed with 5 firms. Lapin has 2 disclosures on his FINRA CRD report, both are “Customer Disputes.”  One was denied and the other disclosure is listed as “final.”

The “Customer Dispute” listed on CHAY T LAPIN’s FINRA CRD report dated 11/29/2023 and listed as “final” lists the allegations, “alleged unsuitable, high cost, illiquid investment subject to excessive fees, costs and risks.” The damage amount requested was $400,000.00. There is also a Broker Comment listed on this disclosure, “Chay Lapin was not named as a respondent in this claim. Mr. Lapin was named as a non-party as the representative associated with the transaction. The claim was made against Colorado Financial as the respondent. The dispute has been resolved in favor of Colorado Financial. The Arbitration Panel decided in full and final resolution of the issues submitted for determination as follows: 1. Claimant's claims are dismissed in their entirety without prejudice pursuant to FINRA Rule 12206. 2. Any and all claims for relief not specifically addressed herein, including any requests for punitive damages and attorneys' fees, are denied.”

Passco Palm Desert, LLC's business model of raising capital through private offerings raises concerns, as these investments are often illiquid and high-risk. Investors seeking residential apartment housing investments should carefully scrutinize the underlying assets and potential returns before investing. The significant value loss reported by investors suggests potential misrepresentation or unrealistic projections by Passco Palm Desert or the brokerage firms involved.

If you were recommended purchasing Passco Palm Desert, LLC by your broker/dealer and have suffered significant losses, contact Soreide Law Group and speak to an experienced securities lawyer at no cost:  888-760-6552.

Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis.