Did you lose money investing with Francis Cid (CRD# 2897738)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Francis Cid. If you suffered losses investing with Francis Cid, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of January 16, 2023, Francis Cid’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
1 Customer Dispute
1 Regulatory Event
3 Judgment(s)/Liens
January 28, 2022 – An AWC was issued in which Cid was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Cid consented to the sanction and to the entry of findings that he refused to produce information or documents requested by FINRA in connection with an investigation into his conduct concerning an entity that he controls. The findings stated that the request sought information related to Cid’s potential participation in private securities transactions, disclosures made to investors concerning the entity he controls and matters related to its registration status. (FINRA Case #2021071785501)
Current and Previous Registrations
11/25/2020 – 05/26/2021 EASTGATE SECURITIES, LLC (CRD#:146671) NEW YORK, NY
02/20/2020 – 11/24/2020 CBC SECURITIES, INC. (CRD#:46153) Plainview, NY
10/09/2019 – 03/09/2020 JOSEPH STONE CAPITAL L.L.C. (CRD#:159744) PLAINVIEW, NY
01/25/2019 – 10/07/2019 RICHARD JAMES & ASSOCIATES, INC. (CRD#:169131) SYOSSET, NY
03/24/2016 – 01/24/2019 CRAFT CAPITAL MANAGEMENT LLC (CRD#:171350) Garden City, NY
03/28/2014 – 03/31/2015 SOVEREIGN GLOBAL ADVISORS LLC (CRD#:167663) KINGS PARK, NY
05/07/2013 – 04/04/2014 LAMPERT CAPITAL MARKETS INC. (CRD#:103725) NEW YORK, NY
06/14/2012 – 06/03/2013 JOHN CARRIS INVESTMENTS LLC (CRD#:145767) HOBOKEN, NJ
FINRA expelled the firm on 08/18/2014
06/01/2012 – 06/15/2012 NATIONAL SECURITIES CORPORATION (CRD#:7569) NEW YORK, NY
02/20/2012 – 04/02/2012 BROOKSTONE SECURITIES, INC. (CRD#:13366) NEW YORK, NY
FINRA expelled the firm on 10/09/2012
09/09/2011 – 03/07/2012 ROCKWELL GLOBAL CAPITAL LLC (CRD#:142485) NEW YORK, NY
02/23/2009 – 04/27/2010 OBSIDIAN FINANCIAL GROUP, LLC (CRD#:104255) WOODBURY, NY
FINRA expelled the firm on 10/16/2013
08/29/2008 – 02/23/2009 NEW CASTLE FINANCIAL SERVICES LLC (CRD#:102380) NEW YORK, NY
FINRA expelled the firm on 06/08/2015
11/28/2007 – 09/04/2008 CITIGROUP GLOBAL MARKETS INC. (CRD#:7059) SOUTH WESTBURY, NY
04/20/2007 – 11/20/2007 NEW CASTLE FINANCIAL SERVICES LLC (CRD#:102380) MELVILLE, NY
FINRA expelled the firm on 06/08/2015
03/21/2006 – 04/20/2007 EMPIRE FINANCIAL GROUP, INC. (CRD#:28759) UNIONDALE, NY
FINRA expelled the firm on 03/30/2009
05/03/2004 – 03/03/2006 GUNNALLEN FINANCIAL, INC (CRD#:17609) TAMPA, FL
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Francis Cid and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.