Don’t face investment fraud alone. Call us today at 800-950-6553 or complete our online form to schedule your no-obligation case evaluation with our experienced securities fraud attorneys.
Critical Information About Chase Naccarato
- Full Name: Chase Naccarato
- CRD Number: 6859373
- Current Location: Spokane, WA
- Current Employer: CUSO FINANCIAL SERVICES, L.P.
- Office Address: 9 South Washington Street Suite #105, Spokane, WA 99201
- Registration Status: Currently registered with 1 Self-Regulatory Organization and licensed in 6 U.S. states and territories
- State Licenses: Arizona, Florida, Idaho, Maryland, Oregon, Washington
- Experience: Registered since 2017 (Series 7 obtained 11/07/2017)
- FINRA BrokerCheck: 2 disclosure events (1 criminal, 1 customer dispute)
- Previous Employers: Vanguard Marketing Corporation (11/2017 – 07/2018)
- Ability to Recover Losses: Potentially eligible for FINRA arbitration for recent misconduct
Recent Customer Complaint Raises Red Flags
Our investment fraud attorneys are investigating allegations against financial advisor Chase Naccarato (CRD# 6859373) concerning unsuitable investment recommendations. According to FINRA BrokerCheck records, Mr. Naccarato, currently employed by CUSO Financial Services, L.P. in Spokane, Washington, is facing a significant customer complaint alleging misconduct that resulted in substantial financial harm.
The pending complaint, filed on January 21, 2025, alleges that Naccarato made unsuitable recommendations in an advisory account during the period 2022-2024. The client is seeking $167,000 in damages related to mutual fund investments. While the firm and Naccarato deny the allegations and have suggested possible financial exploitation by a power of attorney holder, these claims warrant serious investigation.
For investors who have worked with Chase Naccarato and experienced unexpected losses or questionable investment advice, it’s essential to understand your rights and options for potential recovery.
Detailed Case Overview
The current complaint against Chase Naccarato raises several concerns common in investment fraud cases. The client alleges that Naccarato recommended unsuitable investments in their advisory account over a two-year period, resulting in significant financial harm.
In advisory accounts, financial professionals have a fiduciary duty to act in their clients’ best interests. This includes making investment recommendations that align with the client’s financial goals, risk tolerance, and overall financial situation. Unsuitable investment recommendations occur when a financial advisor fails to consider these individual factors or recommends investments that serve the advisor’s interests rather than the client’s.
The pending complaint specifically involves mutual fund investments, which can sometimes involve complex fee structures, including sales loads, 12b-1 fees, and other expenses that may not be obvious to investors. In some cases, advisors might recommend mutual funds that generate higher commissions or fees for themselves while not necessarily being the best option for their clients.
While Naccarato and his firm deny the allegation and suggest possible financial exploitation by a power of attorney holder, the substantial damages claimed ($167,000) indicate serious potential misconduct that merits thorough investigation.
Historical and Background Information
Chase Naccarato’s career in the financial services industry began relatively recently. According to FINRA records, he obtained his Series 7 license (General Securities Representative) on November 7, 2017, and initially worked at Vanguard Marketing Corporation from November 2017 to July 2018.
After a brief period of unemployment, Naccarato joined CUSO Financial Services, L.P. in November 2018, where he currently remains employed. He serves as a Jr. Representative and is also affiliated with Spokane Teachers Credit Union.
Notably, Naccarato’s BrokerCheck report reveals two disclosure events:
- A criminal matter from 2014 that involved a misdemeanor charge related to “Minor Purchase Alcohol,” for which he pled guilty and paid a fine of $455.
- The pending customer dispute described above, alleging unsuitable investment recommendations.
Prior to his financial services career, Naccarato attended the University of Montana (2012-2015) and Whitworth University (2016-2017). His employment history also includes non-financial roles such as bartender at Cavanaugh’s Resort and contracted driver for Uber.
Red Flags & Warning Signs
For investors who have worked with Chase Naccarato or are currently his clients, several red flags warrant attention:
- Limited Experience: With only a few years in the financial industry and no principal/supervisory exams passed, Naccarato has relatively limited experience compared to many established financial advisors.
- Employment Transition: The short tenure at Vanguard (approximately 8 months) followed by unemployment before joining CUSO could potentially indicate performance issues or other concerns.
- Current Customer Dispute: The pending complaint alleging unsuitable investment recommendations involving significant damages suggests possible serious misconduct.
- Potential Advisory Account Mismanagement: Advisory accounts typically involve fiduciary responsibilities, and allegations of unsuitable recommendations in this context are particularly concerning.
- Mutual Fund Investment Issues: The complaint specifically mentions mutual funds, which can sometimes be vehicles for excessive fees or commissions if not properly recommended.
- Denial with Deflection: While it’s standard for advisors and firms to deny allegations, the suggestion of financial exploitation by a POA without conclusive evidence may represent an attempt to deflect responsibility.
Legal & Regulatory Framework
Financial advisors like Chase Naccarato are subject to various rules and regulations designed to protect investors. Key among these are:
FINRA Rule 2111 (Suitability): Requires that financial advisors have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer based on the customer’s investment profile.
FINRA Rule 2010: Requires brokers to observe high standards of commercial honor and just and equitable principles of trade.
SEC Fiduciary Standard: For investment advisers (applicable to advisory accounts), this standard requires acting in the best interest of clients, providing full and fair disclosure of material facts, and eliminating or disclosing conflicts of interest.
FINRA Rule 3110: Requires firms to establish and maintain a system to supervise the activities of their associated persons that is reasonably designed to achieve compliance with securities laws and regulations.
When these rules are violated, investors may have grounds for claims such as:
- Breach of fiduciary duty
- Negligence
- Unsuitability
- Misrepresentation or omission of material facts
- Failure to supervise
Guidance for Affected Parties
If you have invested with Chase Naccarato and have concerns about how your investments have been handled, consider taking these steps:
- Review Your Account Statements: Look for unauthorized transactions, unusual activity, or investments that don’t align with your documented investment objectives.
- Gather Documentation: Collect all communications with Naccarato and CUSO Financial Services, including emails, letters, account opening documents, and any investment recommendations.
- Assess Performance: Compare your portfolio’s performance to appropriate benchmarks to determine if your investments have underperformed significantly.
- Document Conversations: Keep detailed notes of all conversations with your advisor, including dates, times, and what was discussed.
- Understand Time Limitations: Be aware that there are statutes of limitations for filing claims. For FINRA arbitration, claims generally must be filed within six years of the event giving rise to the dispute.
- Consult with a Securities Attorney: Seek advice from an attorney specializing in securities law who can evaluate your case and advise on potential claims.
How Our Securities Fraud Attorneys Can Help
Our investment fraud attorneys specialize in representing investors who have suffered financial losses due to broker misconduct or securities fraud. We offer:
- Free Case Evaluation: We provide a comprehensive, no-obligation assessment of your potential claim against Chase Naccarato or CUSO Financial Services.
- FINRA Arbitration Representation: Our experienced attorneys can represent you in FINRA arbitration proceedings, the primary forum for resolving disputes between investors and brokers.
- Forensic Account Analysis: Our team works with financial experts to conduct detailed analyses of your investment accounts to identify potential misconduct or damages.
- Contingency Fee Structure: We work on a “no recovery, no fee” basis, meaning you pay legal fees only if we successfully recover money for you.
- Proven Track Record: Our firm has successfully recovered millions for investors who have been victims of financial advisor misconduct.
Pending Customer Complaint
The pending customer complaint against Chase Naccarato raises significant concerns about his investment recommendations and practices. While every financial advisor is entitled to due process, and allegations remain unproven until resolved through appropriate legal channels, investors who have worked with Naccarato should carefully review their accounts and consider their legal options.
Financial advisors have legal and ethical obligations to their clients, including making suitable recommendations and acting in clients’ best interests. When these obligations are breached, affected investors may be entitled to recover their losses.
If you’ve invested with Chase Naccarato and have concerns about your investments or believe you may have been a victim of unsuitable recommendations, contact our securities fraud attorneys today. Call 800-950-6553 or complete our online form to schedule your confidential, no-obligation consultation.
Disclaimer: This article is based on publicly available information and allegations that have not yet been proven in a court of law or FINRA arbitration. The investigation into Chase Naccarato is ongoing, and all parties are entitled to due process. This article does not constitute legal advice, and individual cases should be evaluated by a qualified attorney.
