CHRISTOPHER JOHN PASSERO is currently employed as a Broker and/or Investment Adviser at MONEY CONCEPTS CAPITAL CORP located at 3979 TEAYS VALLEY ROAD, HURRICANE, WV, 25526.
CHRISTOPHER JOHN PASSERO has worked at MONEY CONCEPTS CAPITAL CORP since May 22, 1998
Disclosure History
CHRISTOPHER JOHN PASSERO has 2 Disclosure Event(s).
Date: October 06, 2014 Category: Customer Dispute Allegations: CUSTOMER ALLEGES RR INVESTED ALL FUNDS IN A NON-TRADED REIT WITH NO LIQUIDITY WHICH CAUSED HIM TO SUSTAIN LOSSES IN THE AMOUNT OF $124,000. Damage Amount Requested: $124,000.00 Broker Comment: 11/21/2014 THE FIRM'S REVIEW OF THIS MATTER FOUND THAT AS OF JULY 2004 THE CUSTOMER'S INVESTMENTS WERE IN FACT DIVERSIFIED THROUGH OTHER PRODUCTS, INCLUDING DIVIDEND CAPITAL WHICH IS ALSO A NON-TRADED REIT.CUSTOMER WAS VERY PLEASED WITH DIVIDEND CAPITAL'S PERFORMANCE AND MADE A PROFIT WHEN IT WENT PUBLIC IN 2006. CUSTOMER ASKED RR TO RECOMMEND A NEW NON-TRADED REIT IN ORDER TO INVEST PROCEEDS OF THE SALE OF HIS SHARES IN DIVIDEND CAPITAL. RR RECOMMENDED TWO SEPARATE NON-TRADED REITS WHICH INCLUDED INLAND. IN MARCH 2007 CUSTOMER DECIDED TO INVEST $215,000 INTO INLAND AMERICAN. LATER THE SAME YEAR, CUSTOMER EXPRESSED CONCERNS OVER THE PERFORMANCE OF A SEPARATE INVESTMENT HE MADE INTO A VARIABLE ANNUITY. CUSTOMER DECIDED TO LIQUIDATE VA AND USE THE PROCEEDS OF THAT SALE TO INVEST ADDITIONAL MONIES INTO THE INLAND REIT. WE WOULD LIKE TO NOTE THAT THE RR ACCEPTED A CHARGEBACK IN COMMISSION TO PREVENT THE CUSTOMER FROM BEING CHARGED A PENALTY FOR EARLY WITHDRAWAL OF THE VA AND PROCESSED THE SECOND TRANSACTION INTO INLAND WITH NO COMMISSION (AT NAV). THE RR ACTUALLY SUSTAINED A LOSS IN COMMISSION TO ACCOMMODATE THE CUSTOMER'S WISHES.IN APRIL 2014 WITHOUT SEEKING INPUT FROM THE RR, THE CUSTOMER WAS FOUND TO HAVE TAKEN ADVANTAGE OF THE EARLY SELF-TENDER OFFERING EXTENDED BY INLAND AMERICAN TO ITS CURRENT SHAREHOLDERS. THE RR CONTACTED THE CUSTOMER UPON LEARNING OF THE FACTS; CUSTOMER DID NOT EXPRESS DISPLEASURE WITH RR OR HIS INVESTMENT. HE SIMPLY STATED HE WAS GOING WITH A NEW STRATEGY. ACCORDING TO THE FIRM'S CALCULATIONS, BASED ON THE DISTRIBUTIONS THE CUSTOMER RECEIVED WHILE HE HELD THE INVESTMENT WITH INLAND AND ALSO THE PRICE RECEIVED FROM HIS EARLY REDEMPTION THE CUSTOMER HAD A PROFIT OF APPROXIMATELY $9,648. BASED ON THIS INFORMATION THE FIRM DECLINED THE CUSTOMER'S REQUEST FOR MONETARY SOLUTION.11/13/2014 FIRM IS CURRENTLY REVIEWING THE MATTER.
Date: September 20, 2010 Category: Customer Dispute Allegations: CUSTOMER ALLEGES THE PURCHASE OF THE INLAND REIT WAS UNSUITABLE AND VIOLATES STATE STATUES. Damage Amount Requested: $98,167.00 Broker Comment: ON 10/20/2010 THE ATTORNEY FOR NITRO DEVELOPMENT AUTHORITY SENT A LETTER TO ADVISE US THAT THE CUSTOMER WISHES TO WITHDRAW AND RESCIND THE EFFECT OF THERE PREVIOUS CORRESPONDENCE, TO THE EXTENT THAT THE CORRESPONDENCE WAS CONSIDERED AS A COMPLAINT.
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