Francis Cid (also known as Frank Cid), of Little Neck, New York, a stockbroker formerly registered with CBC Securities Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he failed to cooperate with FINRA’s investigation into accusations of Cid’s private securities transactions when he was employed by CBC Securities. Letter of Acceptance, Waiver, and Consent No. 2021071785501 (January 28, 2022).
According to the AWC, Cid was the subject of a FINRA investigation into his activities with a company that he controlled. On November 10, 2021, Cid was asked to provide FINRA with documents and information regarding the company so that FINRA could identify if Cid engaged in undisclosed outside business activities while registered with CBC Securities. FINRA also investigated the company’s registration status and Cid’s disclosures to investors regarding the company.
The AWC states that on December 22, 2021, Cid indicated to FINRA that it received its request for information and documents. Cid refused to cooperate with this request. The AWC states that Cid violated FINRA Rules 2010 and 8210 for hindering the investigation.
FINRA Public Disclosure also shows that a customer filed an investment related complaint involving Cid’s conduct where the customer sought $21,665.00 in damages founded on allegations of poor performance on options and stock transactions by Cid while he was registered with New Castle Financial Services LLC and Obsidian Financial Group LLC.
Between March 24, 2016, and May 26, 2021, Cid was associated with securities broker dealers, including Craft Capital Management, Richard James Associates, Joseph Stone Capital LLC, CBC Securities, and Eastgate Securities LLC.
