Soreide Law Group, based in South Florida, has filed a FINRA arbitration on behalf of their client (Claimant) against:
CONCORDE INVESTMENTS SERVICES, LLC. (Respondent)
The Claimant resides in Southwest Florida and maintained a relationship with CONCORDE INVESTMENTS SERVICES and its Financial Advisor, Bart Harrison. The lawsuit alleges that CONCORDE INVESTMENTS SERVICES and Bart Harrison understood that the Claimant did not want to take any unnecessary risks with his investments. The Claimant was sold a $132,000.00 investment in Passco Palm Desert. The Claimant was allegedly promised steady returns with an investment that was secured by real property. However, the investment has failed, causing the Claimant to possibly lose nearly 95% of his investment with an expected return of approximately $7,000. The lawsuit alleges that Financial Advisor Bart Harrison made 6% of the sale, and total commissions and expenses are 8.75%.
According to the lawsuit, the Claimant has suffered significant damages of approximately $125,000.00. The lawsuit claims that CONCORDE INVESTMENTS SERVICES, LLC. and financial advisor Bart Harrison's actions in this case constitute breach of contract, failure to supervise, breach of fiduciary duty, negligence, and violations of FINRA rules. Bart Harrison has not been named in this lawsuit. As of yet no answer has been filed. It's anticipated that CONCORDE INVESTMENTS SERVICES, LLC. will deny all allegations.
Passco Palm Dessert, LLC's business model of raising capital through private offerings should have been concerning, as these investments are often illiquid and high-risk. Investors seeking residential apartment housing investments should scrutinize the underlying assets and potential returns before investing. Passco Palm Dessert investments were sold to individuals who were looking to invest in residential apartment housing. Several investors have been told their investments have lost significant value.
To discuss this article and any other securities issues, please contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding your concerns at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.
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