The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Christopher Passero [CRD: 2517681, Hurricane, West Virginia]. Evidently, investors disputed the sales practices of the securities broker, who worked for Money Concepts Capital Corp. Additionally, the securities broker disclosed a regulatory enforcement action. Read on to learn more about the allegations against Passero.
Evidently, a Money Concepts Capital Corp. client filed FINRA Arbitration: 21-00073 about Christopher Passero. Namely, the client alleged that Passero made unsuitable recommendations, violated federal securities laws, violated state laws, breached a contract, acted unethically, breached fiduciary duties, and was negligent. Because of this, the client allegedly sustained damages on DPPs or LPs. Therefore, on July 11, 2022, Money Concepts Capital Corp. settled this matter by paying the client $49,500 in damages.
Specifically, on September 20, 2010, a Money Concepts Capital Corp. client filed a complaint about Christopher Passero. Namely, the client alleged that Passero violated state laws. Because of this, the client allegedly sustained damages on real estate securities. Therefore, the client requested $98,167 in compensation from Money Concepts Capital Corp. or Passero. However, Money Concepts Capital Corp. denied this complaint.
Also, a client of Money Concepts Capital Corp. contested Christopher Passero’s sales practices, according to a complaint dated October 6, 2014. Supposedly, the non-traded REIT transactions resulted in damages. Therefore, the client sought compensatory relief from Money Concepts Capital Corp. or Passero in the amount of $124,000. Evidently, this claim was denied.
Evidently, a Money Concepts Capital Corp. client filed Civil Action: 20-c-246 about Christopher Passero. Namely, the client alleged that Passero was negligent, breached fiduciary duties, acted unethically, made misrepresentations and omissions of material fact, and made unsuitable recommendations. Because of this, the client allegedly sustained damages on non-traded REITs. Therefore, Money Concepts Capital Corp. settled this matter by paying the client $90,000 on June 25, 2021.
Additionally, a client of Money Concepts Capital Corp. contested Christopher Passero’s sales practices, according to a complaint dated August 24, 2021. Supposedly, the client asked for compensatory relief from Money Concepts Capital Corp. or Passero in the amount of $17,000. However, the firm denied the complaint.
Particularly, on April 11, 2022, FINRA issued Case: 2020066345701, which contains sanctions against Christopher Passero for infractions. Specifically, Passero was fined $10,000 and suspended for three months. The securities broker reportedly served the suspension and paid the fine.
Namely, FINRA says that between July 2010 and February 2020, during the time that he was associated with Money Concepts Capital, Passero made 990 payments to nine clients of the firm for losses associated with investments that Passero recommended. Specifically, Passero recommended that his clients invest in a REIT that ultimately had a decline in its share price and a reduction in the monthly dividends. As a result, Passero violated FINRA Rules 2010 and 2150(c).
Evidently, Maryland issued Case: 20220169 on July 7, 2022, which contains sanctions against Christopher Passero. Allegedly, Passero failed to respond to an Order to Show Cause. Therefore, Passero’s registration in the state was revoked on July 7, 2022.
Have you experienced damages because of Christopher Passero? If so, get in touch with Soreide Law Group at (888) 760-6552 and speak with a securities attorney concerning the potential recovery of your investment losses or other damages. Soreide Law Group, who has effectively recovered money for hundreds of investors in all 50 states, represents clients on a contingency fee basis and advances all costs. Passero and brokerage firms Passero worked for deny any and all allegations of sales practice violations.
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