Francis Stephen Zoracki (CRD #1363103) Has Customer Dispute Disclosures on FINRA BrokerCheck

Francis Stephen Zoracki (CRD #1363103) is currently registered with Cambridge Investment Research, Inc., Cambridge Investment Research Advisors, Inc., and Duncan Financial Planning Advisors. We reviewed his BrokerCheck report on March 26, 2026. It reflects four customer dispute disclosures. If you invested with Francis Stephen Zoracki and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Francis Zoracki’s FINRA BrokerCheck Report reflects four customer dispute disclosures. Summaries of two of those disclosures are below:

On December 23, 2025, customers alleged Francis Zoracki recommended an investment that was unsuitable for their stated financial profile. They also alleged unauthorized trading and sought $250,000 in damages. Francis Zoracki FINRA BrokerCheck lists the product as listed common or preferred stock, and the matter remains pending. BrokerCheck also reflects Zoracki’s statement that the clients signed suitability documents, the CMCT position fit an allocation strategy, and the mistaken stock trades were reversed with no loss to them.

On August 9, 2002, customers alleged Francis Zoracki recommended unsuitable mutual fund investments after the sale of their house, even though they wanted a short-term investment for a second home purchase. They sought $34,000 in damages. Francis Zoracki FINRA BrokerCheck shows the complaint was denied on December 6, 2002.

BrokerCheck shows two additional customer dispute disclosures in this same category. Those matters date to 1994 and 1995, were listed as settled, and involved life insurance allegations.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a broker to have a reasonable basis for a recommendation. It also requires the recommendation to fit the customer’s investment profile, including risk tolerance, liquidity needs, and time horizon.

Rule Summary #2: FINRA Rule 3260 (Discretionary Accounts)

FINRA Rule 3260 limits discretionary trading unless the customer gives prior written authorization and the firm accepts the account in writing. Allegations of unauthorized trading can raise questions about whether those safeguards were followed.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Francis Zoracki:

Is currently registered with Cambridge Investment Research, Inc., Cambridge Investment Research Advisors, Inc., and Duncan Financial Planning Advisors.

Has passed the Securities Industry Essentials (SIE) exam. Francis Zoracki has also passed Series 7, Series 6, Series 66, and Series 63.

Was previously registered with firms that include Northwestern Mutual Investment Services, LLC and Robert W. Baird & Co. Incorporated.

Kurta Law Can Help

If you have worked with Francis Zoracki and you have concerns about the activity described above, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Unsuitable Investments | Unauthorized Trading

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.