Christopher Cacace is the Subject of FINRA Investigation After Allegedly Failing to Supervise
Christopher Cacace (CRD #:4308782), a broker registered with Velocity Clearing and J. Streicher & Co., is the subject of a FINRA investigation after allegedly failing to supervise, according to his BrokerCheck Record accessed on February 12, 2022.
What is FINRA’s Failure to Supervise Rule?
Brokerage firms are required by FINRA under FINRA Rule 3110 to properly monitor and supervise their brokers and financial advisers.
FINRA Rule 3110 requires firms to:
- Maintain a supervisory system reasonably designed to achieve compliance with FINRA rules
- Designate a registered principle whose job it is to carry out supervisory responsibilities
- Make reasonable efforts to determine that all supervisory personnel are qualified, either by experience or training
When an investment broker engages in wrongdoing against the interests of the client resulting in losses or damages, the brokerage firm and its designated supervisor may be held liable for the client’s losses.
FINRA Allegations
According to an Acceptance, Waiver, and Consent agreement dated January 17, 2017, Christopher Cacace consented to the findings that he allegedly failed to ensure that his member firm (Legend Securities) reported, or timely reported, statistical and summary information regarding written customer complaints sent to the firm.
Christopher Cacace allegedly violated FINRA Rule 4530, which requires associated persons to promptly report to firms specified events, including, for example, violations of securities laws and FINRA rules, written customer complaints, and certain disciplinary actions taken by the firm.
Sanctions
As part of the terms of the AWC, Christopher Cacace consented to:
- A 20-day suspension from associating with any FINRA member in all capacities.
- A $5,000 fine
You can read a copy of the AWC here.
Background Information
Christopher Cacace has passed the following exams:
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 21 – NYSE Front Line Specialist Clerk
- Series 25 – NYSE Trading Assistant Examination
- Series 53 – Municipal Securities Principal Examination
- Series 4 – Registered Options Principal Examination
- Series 24 – General Securities Principal Examination
- Series 14A – Compliance Official Specialist Exam
He is a registered broker in New Jersey and New York.
Christopher Cacace has also worked with the following firms
- Tradezero America (CRD#:282940)
- SW Financial (CRD#:145012)
- Streicher Capital (CRD#:146671)
- Roosevelt & Cross, Incorporated (CRD#:6964)
- Rothschild Lieberman (CRD#:10030)
- Legend Securities (CRD #: 44952)
- Cohen Capital Group (CRD#:43418)
- Labranche & Co.(CRD#:32661)
- Bocklet & Company (CRD#:45455)
Kurta Law Can Help
If you have worked with Christopher Cacace and have concerns about your investments, don’t hesitate to get in touch with us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Please contact us for any questions about how to proceed.