FINRA Reportedly Bars Broker Michael Francoeur after Allegations of Selling Away
According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred financial advisor Michael Francoeur (CRD #5534184) of Somersworth NH, from the securities industry after he reportedly failed to provide information in FINRA’s investigation into allegations of private securities transactions, also known as “selling away.”
Francoeur’s broker report indicates that he was registered with Cambridge Investment Research in Somersworth, NH from 2012 until April 2020 when he was reportedly discharged for assisting “client with investment not approved by the firm and communicated through unapproved email, both in violation of firm policy.”
According to his broker record, Francoeur has one customer complaint filed against him in 2019 for allegations of “misappropriation of their IRA funds resulting in surrender penalties and tax implications.” The complaint was reportedly denied.
For FINRA’s full findings see FINRA Case NO. 2019064967501.
Filing a Complaint against your Brokerage Firm
The White Law Group is investigating potential securities fraud claims involving Michael Francoeur and the liability his former employer, Cambridge Investment Research may have for failing to properly supervise him.
When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.”
Some brokers, looking to supplement their income, will go outside the traditional market, trying to find other products to push.
If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
If you are concerned about investments with Michael Francoeur, the securities attorneys at The White Law Group may be able to help you. Please call 888-637-5510 for a free consultation, or visit us on the web at www.whitesecuritieslaw.com.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois.