RedFlag, Allegation and/or Complaint against MICHAEL RICHARD PASSANTE
Disclosure #1 for MICHAEL PASSANTE
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- Event Date: 10/19/2011
- Disclosure Type: Customer Dispute
- Resolution: Withdrawn
- Allegations: CLIENT SENT E-MAIL TO REPRESENTATIVE STATING THAT HE WAS NOT SATISFIED WITH THE OVERALL PERFORMANCE OF HIS ACCOUNTS AND MADE ALLEGATIONS OF MORE THAN $5000. IN LOSSES.
- Damage Amount Requested: $170,000.00
- Arbitration Docket Number:
- Broker Comment: ON 10/19/2011 AN EMAIL WAS RECEIVED BY FOCUSED WEALTH MANAGEMENT, AND WAS AUTOMATICALLY DETECTED, DOCUMENTED AND REPORTED AS A COMPLAINT BY OUR BROKER DEALER. THE COMMENT READ: I’M SERIOUSLY THINKING ABOUT LEAVING YOUR FIRM. ALTHOUGH I LIKE YOU GUYS AND YOU’VE BEEN AVAILABLE ANYTIME I CALLED AND THAT WAS OFTEN, I HAVE NOT BEEN SATISFIED WITH THE PERFORMANCE. THE FACT IS, I HAVEN’T MADE ANY MONEY IN 3 1/2 YEARS. I CAME IN WITH 1,070,000 ADDED 120000 FOR A TOTAL OF 1,190,000. TODAY I HAVE 1020000, DOWN 170,000. THE TREND IS NOT VERY ENCOURAGING AND I’M LOSING CONFIDENCE. I CAN’T AFFORD ANOTHER YEAR OR TWO OF THIS KIND OF PERFORMANCE. PLEASE CALL ME WHEN YOU HAVE THE TIME.—–MATT THE CLIENTS CLAIMS OF LOSS WERE FALSE. THESE DID NOT TAKE INTO ACCOUNT HIS CONSIDERABLE WITHDRAWALS. THE CLIENT THEN CALLED OUR FIRM’S COMPLIANCE DEPARTMENT AND RESPONDED THAT THIS WAS NOT A COMPLAINT AND WITHDREW HIS COMMENTS IMMEDIATELY. THE CLIENT HAD FREQUENT MISUNDERSTANDINGS REGARDING PERFORMANCE AND HAD MADE $ 23,453.31 IN WITHDRAWALS AS DOCUMENTED BY OUR ALBRIDGE PERFORMANCE SOFTWARE.
Should I file a FINRA complaint against brokers like MICHAEL RICHARD PASSANTE?
Many investors (presumably, like yourself) are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who lost money in this fashion may actually be entitled to damages. You may suffer significant losses at the hands of your financial advisors’ misconduct, such as if they misrepresented or failed to disclose the risks associated with a particular investment, recommended frequent trades for the sole purpose of generating commissions, or used high-pressure tactics to make a sale. The rules and regulations of securities laws and FINRA policies are complex, and investment loss claims require an extensive understanding of securities arbitration to achieve the best possible results.
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Originally reported on November 17, 2022 @ 8:39 pm
