Christopher Passero Investigation
March 2023-Hurricane, WV
According to publicly available records Christopher John Passero, a Money Concepts Capital Corp. broker discloses a regulatory event, prior customer dispute and a pending customer dispute.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In April 2022 Passero consented tot he sanctions and to the entry of findings that he shared in his customers’ losses. The findings stated that Passero made payments to customers totaling $249,560 to compensate them for losses associated with investments he had recommended. Passero did not tell his member firm about the payments to his customers or seek authorization before he made them. He completed and submitted to the firm compliance questionnaires wherein he falsely stated that he did not share directly or indirectly in customers’ losses. The findings also stated that Passero loaned $10,000 to a firm customer to assist the customer in paying a tax liability. He did not notify the firm about the loan to his customer and also falsely stated in a compliance questionnaire that he did not loan money to customers. Sanctions ordered were a three month suspension from FINRA in all capacities beginning in May 2022 and ending in August 2022. He was also fined $10,000 to be paid by Passero personally.
In 7/2022 Maryland securities regulators revoked Passero’s license in that state for failing to respond to regulatory correspondence.
In March 2020, a Money Concepts Capital Corp. customer alleged negligence, gross negligence, breach of fiduciary duty, fraud, civil conspiracy, misrepresentation/non-disclosure, omission of facts and unsuitable investments. They allege their goal was to protect and grow their savings through retirement and distribute their earnings and savings on a monthly basis for them to live. The case was settled for $90,000.
In January 2021, a Money Concepts Capital Corp. customer alleged unsuitability, Violation of Federal Securities laws and the West Virginia Securities Act, Breach of Contract, Common Law Fraud, Breach of Fiduciary Duty and Negligence. That case was settlemed for $49,500 in 7/2022.
Passero has been employed with Money Concepts Capital Corp. since May 1998.
If you have losses in an account handled by Christopher Passero , contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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