The Financial Industry Regulatory Authority (“FINRA”) has barred stockbroker Michael Paul Francoeur from the securities industry. FINRA expelled Mr. Francoeur from the brokerage industry because he refused to provide information and documents connected with FINRA’s investigation into his conduct after receiving a customer complaint.
Mr. Francoeur was a financial advisor at Cambridge Investment Research, Inc. in Somersworth, New Hampshire, from January 2012 until his employment was terminated in March 2020. Cambridge Investment Research fired Mr. Francoeur, alleging that he assisted a client with an investment that was not approved by the firm and that he used an unapproved email account, both against the firm’s policies.
If you have suffered financial losses investing with Michael Francoeur or suspect that Mr. Francoeur did not have your best interest in mind when recommending investments or account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.
Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Cambridge Investment Research.
FINRA Letter of Acceptance, Waiver, and Consent No. 2019064967501
Michael Francoeur and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on February 3, 2021, after Mr. Francoeur refused to provide information and documents in connection with a FINRA investigation into his conduct. FINRA initiated the investigation after it received a customer complaint.
On March 2, 2020, in connection with FINRA’s investigation, FINRA sent a request to Mr. Francoeur to produce information and documents pursuant to FINRA Rule 8210. FINRA followed-up with Mr. Francoeur on July 28, 2020, and then again on November 19, 2020. Mr. Francoeur did not produce the requested documents to FINRA.
By refusing to provide the information or documents, Mr. Francoeur violated FINRA Rules 8210 and 2010.
Accordingly, FINRA barred him from associating with any broker-dealer in any capacity.
Cambridge Investment Research – Supervisory Duties
Brokerage firms like Cambridge Investment Research must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise their financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who understands the FINRA forum and can navigate the arbitration process to effectively advocate on their behalf.
If you or a loved one were a customer of Michael Francoeur and either sustained financial losses or suspect inappropriate activity in your investment or retirement accounts, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.