Soreide Law Group is currently investigating potential claims on behalf of investors who may have experienced financial losses due to dealings with securities broker Christopher John Passero (CRD: 2517681, Hurricane, West Virginia). Specifically, Passero is registered with Money Concepts Capital Corp and Money Concepts Advisory Service, both located in Hurricane, WV. He has been registered with Money Concepts Capital Corp since May 22, 1998, and with Money Concepts Advisory Service since February 18, 1999. Evidently, a variety of allegations have been made about Passero, particularly regarding unsuitable recommendations and misrepresentation. Moreover, Passero has faced regulatory sanctions both from the state of Maryland and from FINRA.
First of all, on May 1, 2023, a Money Concepts Capital Corp client filed FINRA Arbitration: 23-00532 about Christopher Passero. Particularly, the client alleged unsuitable recommendations, breach of fiduciary duty, and misrepresentation, including omissions of material information relating to the sale of GPB investments. Supposedly, the client sustained damages on DPPs and LPs. Therefore, the client requested $250,000 in compensation from Money Concepts Capital Corp or Passero. Evidently, this arbitration is still pending a resolution.
Also, a client of Money Concepts Capital Corp contested Christopher Passero’s sales practices, according to a complaint dated March 8, 2023. Allegedly, Passero misrepresented two REITs the client purchased in 2013 and 2014, which were purportedly unsuitable for the client based on their age, salary, and risk tolerance. It appears that the client sustained damages on real estate securities. Therefore, the client sought compensatory relief from Money Concepts Capital Corp or Passero in the amount of $25,000. However, the complaint has been denied as of March 21, 2023.
Additionally, on July 7, 2022, the state of Maryland issued Case: 20220169, sanctioning Christopher Passero for infractions. Specifically, Passero was ordered to have his registration revoked. Notably, the regulator alleged that Passero failed to respond to an Order to Show Cause.
Specifically, FINRA issued Case: 2020066345701 on April 11, 2022, sanctioning Christopher Passero. Allegedly, Passero shared in his clients' losses and made payments to them without firm authorization. Furthermore, Passero purportedly submitted compliance questionnaires where he falsely stated his conduct. Therefore, Passero was subject to civil and administrative penalties totaling $10,000 and a suspension lasting three months from May 2, 2022, to August 1, 2022.
Evidently, a Money Concepts Capital Corp client filed FINRA Arbitration: Case 21-00073 about Christopher Passero. Specifically, the client alleged that Passero recommended the GPB offering as an investment, which they considered to be unsuitable. Moreover, the client accused Passero of violations of federal securities laws and the West Virginia Securities Act. Accusations also include breach of contract, breach of fiduciary duty, and negligence. Because of this, the client reportedly sustained $150,000 in damages related to DPPs and LPs. Therefore, on July 11, 2022, Money Concepts Capital Corp settled the matter, paying the client $49,500 in damages.
Investors who have dealt with Passero and have sustained damages are encouraged to contact Soreide Law Group for a no-cost consultation. Reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery. Soreide Law Group has recovered money for investors throughout the United States, works on a contingency fee basis, and advances all costs. Passero and brokerage firms he worked for deny accusations of sales practice violations.
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