Michael Francoeur Facing Investor Dispute

Financial industry watchdog, FINRA, barred securities broker Michael Paul Francoeur (CRD#: 5534184, Somersworth, New Hampshire). Notably, this bar prevents Francoeur from associating with FINRA-member firms, some of whom are major financial institutions. It appears that Francoeur refused to give information to FINRA in regards to a client complaint. Also, BrokerCheck shows that Cambridge Investment Research discharged Francoeur in March 2020 and that a client complained about him in December 2019. Here's more about those disclosures.

FINRA Bars Michael Francoeur As Securities Broker Following Investigation Into A Client Complaint

Evidently, as of February 2021, Michael Francoeur cannot associate with FINRA-member firms in any capacity because he apparently violated FINRA's rules. Basically, FINRA's Rule 8210 requires brokers to cooperate with the regulator in an investigation. Sometimes, the regulator asks brokers to testify or to provide information and documentation. When brokers don't comply, this can result in sanctions.

Here, FINRA investigated Francoeur because of what Cambridge Investment Research disclosed about him in a Form U5 (a notification of Francoeur's termination as securities broker). On March 19, 2020, the firm discharged him for allegedly assisting a client with investments that lacked Cambridge's approval. In this Form U5, the firm states that Francoeur spoke with the client using an unapproved email. For this reason, Francoeur's discharge came from violations of company policies. Therefore, FINRA wanted Francoeur to clarify what happened.

It appears that FINRA asked Francoeur for documentation and information. Evidently, after providing some of the information, Francoeur stooped cooperating. Subsequently, Francoeur told FINRA that he would not provide any of the outstanding documents. For this reason, the regulator determined that he should be sanctioned for violating its rules.

Cambridge Investment Research Client Alleges "Misappropriation" Of IRA Funds

Notably, a client of Cambridge Investment Research brought a dispute about Michael Francoeur in December 2019. The client claims that the broker committed "misappropriation" of IRA funds. Supposedly, the client experienced surrender penalties as well as tax implications in connection with private securities transactions. Francoeur denies the allegations and claims that an incorrect rollover occurred without his involvement.

Losses Through Michael Francoeur?

Did you realize losses because of sales practice violations by Michael Francoeur? You should contact Soreide Law Group at (888) 760-6552 and chat with a skilled securities attorney about a potential recovery of your losses. Soreide Law Group pursues investor dispute cases on a contingency fee basis. Also, we advance all costs. The firm has recovered substantial compensation for United States investors who have experienced losses from financial advisors or securities brokers. Please note that Francoeur denies all accusations of unreasonable sales practices.