Michael Paul Francoeur of Somersworth New Hampshire a stockbroker formerly registered with Cambridge Investment Research has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he failed to comply with FINRA’s investigation into accusations of his misappropriation. Letter of Acceptance Waiver and Consent No. 2019064967501 (Feb. 3, 2021).
According to the AWC, FINRA was made aware from Cambridge Investment Research that Francoeur had been discharged on March 19, 2020. The securities broker dealer alleged that the customer had interacted with Francoeur for the purchase of an investment that was not offered through Cambridge Investment Research. Francoeur was also discharged for allegedly using an unapproved email account to correspond with customers.
FINRA indicated that the investigation into Francoeur’s activities commenced following its receipt of a customer initiated investment related complaint alleging misconduct by Francoeur. On March 2, 2020, Francoeur was asked by FINRA to provide information and documents for purposes of the investigation. Francoeur was not fully responsive by the March 12, 2020 deadline.
On July 28, 2020, another letter was sent to Francoeur from FINRA which called upon him to supplement his initial response. Francoeur did not comply by an August 14, 2020 deadline. A third request was made by FINRA on November 19, 2020. That request went unanswered. Francoeur later confirmed that he would not provide any additional documents or information to FINRA. Francoeur violated FINRA Rules 2010 and 8210 in this respect.
FINRA Public Disclosure confirms that on December 18, 2019, a customer filed an investment related complaint regarding Francoeur’s activities where the customer requested $10,000.00 in damages founded on allegations of Francoeur’s misappropriation of the customer’s funds in regard to private securities transactions executed by Francoeur at Cambridge Investment research.
Francoeur was registered with Cambridge Investment Research between January 6, 2012 and March 19, 2020.
