Investor lawyers at Rosca Scarlato are currently investigating Michael Francoeur (also known as Michael Paul Francoeur) for his alleged refusal to provide information requested by FINRA during an investigation regarding a customer complaint, according to FINRA’s Letter of Acceptance, Waiver and Consent (AWC), under review by attorney Alan Rosca.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm and his colleagues are investigating the alleged misconduct of former Cambridge broker Michael Francoeur. Investors who are concerned about their investments with Francoeur are encouraged to contact attorney Alan Rosca or his colleagues for a free case evaluation and discussion of potential options, or to provide any useful information. Call 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this page.
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FINRA Has Barred Michael Paul Francoeur
FINRA began an investigation in March 2020 when they received a customer complaint alleging Francoeur assisted a client with an investment not approved by his firm, as alleged in the AWC. As part of the investigation, FINRA staff sent a request to Francoeur to provide documents and information by March 12, 2020.
Michael Francoeur allegedly did not provide the requested documents and information and FINRA staff sent another request in July 2020. Similarly, Francoeur allegedly did not provide the requested materials once again so FINRA staff sent another request in November 2020.
Francoeur allegedly did not provide the requested documents and information after FINRA staff sent three requests for the material and as a result he has been barred from associating with any FINRA member firm in all capacities, the AWC states.
Michael Francoeur signed the AWC accepting and consenting to FINRA’s findings, without admitting or denying the findings, and solely for the purposes of the proceeding brought by or on behalf of FINRA, prior to a hearing and without an adjudication of any issue of law or fact.
Francoeur Reportedly Engaged in Several Other Business Activities
As reported on Francoeur’s FINRA Brokercheck page, he allegedly engaged in other disclosed business activities.
Michael Paul Francoeur was involved with a RIA identified as CIRA located in Iowa, working as an advisory representative. In addition he reportedly was an Independent Insurance Agent working for various independent insurance companies located in New Hampshire.
He also worked as Somerworth High School’s basketball coach in addition to being involved in Real Estate Maintenance and Funding in New Hampshire, FINRA reports
Michael Francoeur was Registered with FINRA for 11 Years
Michael Francoeur joined the securities industry in 2008 and switched employers two times. He was recently employed with Cambridge Investment Research located in Somersworth, New Hampshire from January 2012 until April 2020.
He was reportedly discharged from the firm on allegations of assisting a client with an investment not approved by the firm and communicating through unapproved email, both in violation of firm policy, as reported on his Brokercheck page.
Francoeur was previously employed with Edward jones located in Somersworth, New Hampshire from July 2008 until January 2012.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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Securities Lawyers May Be Able to Help
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or broker misconduct and is currently investigating former Cambridge broker Michael Francoeur’s alleged refusal to provide information requested by FINRA and assisting a client with an investment not approved by the firm and communicating through unapproved email.
The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who are concerned about their investment with Michael Francoeur are encouraged to contact Alan Rosca or his colleagues for a free no-obligation evaluation of their potential options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.