- February 13, 2021
- Cambridge Investment Research
Michael Francoeur (CRD#: 5534184) was a Financial Advisor at Cambridge Investment Research, Inc., in Somersworth, NH from January 2012 until April 2020. He entered the securities industry in 2008 and previously worked for Edward Jones.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in February 2021, FINRA sanctioned Michael Francoeur, indefinitely barring him from all activities as of February 3, 2021.
The FINRA sanction states, “Without admitting or denying the findings, Francoeur consented to the sanction and to the entry of findings that he refused to provide information requested by FINRA after it received a customer complaint regarding him. The findings stated that Francoeur’s member firm filed a Form U5 stating that he was discharged after he assisted a client with an investment not approved by the firm and communicated through unapproved email, both in violation of firm policy.”
For a copy of the FINRA sanction, click here.
In addition, Michael Francoeur has been the subject of other customer complaints, including the following:
• April 2020—Michael Francoeur was discharged from Cambridge Investment Research, Inc., for the following: “Registered Representative assisted client with investment not approved by the firm and communicated through unapproved email, both in violation of firm policy.”
• December 2019—“Clients allege misappropriation of their IRA funds resulting in surrender penalties and tax implications.” The complaint was denied.
For a copy of Michael Francoeur’s FINRA BrokerCheck, click here.
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
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