Our firm is investigating Cambridge Investment Research broker and investment adviser Francis Stephen Zoracki (CRD# 1363103) of Irwin, Pennsylvania for potential investment-related misconduct.
Francis Stephen Zoracki’s Stockbroker and Financial Advisor Career History
Francis Stephen Zoracki is currently registered as a broker with Cambridge Investment Research, Inc. and as an investment adviser representative with Cambridge Investment Research Advisors, Inc. and Duncan Financial Planning Advisors. His listed office location is 311 Main Street, Irwin, Pennsylvania 15642.
Zoracki has been registered with Cambridge Investment Research, Inc. since September 28, 2011, and with Cambridge Investment Research Advisors, Inc. since September 28, 2011. He became registered with Duncan Financial Planning Advisors on March 12, 2026.
Before joining Cambridge, Zoracki was registered with Northwestern Mutual Investment Services, LLC from March 1994 to September 2011 as a broker and from April 2007 to September 2011 as an investment adviser representative. He was also registered with Robert W. Baird & Co. Incorporated from March 1994 to January 2002 and Pruco Securities Corporation from March 1986 to February 1994.
His BrokerCheck report states that he has passed the Securities Industry Essentials Examination, Series 7 General Securities Representative Examination, Series 6 Investment Company Products/Variable Contracts Representative Examination, Series 66 Uniform Combined State Law Examination, and Series 63 Uniform Securities Agent State Law Examination.
Francis Stephen Zoracki Fraud Allegations and Investor Complaints Explained
According to Zoracki’s FINRA BrokerCheck report, he has four disclosed customer disputes: one pending customer dispute and three final customer disputes. The pending matter involves allegations of unsuitable investment recommendations and unauthorized trading. The earlier final disclosures include allegations involving unsuitable mutual funds, misrepresentation, and life insurance policy churning.
The most recent disclosure was received on December 23, 2025, while Zoracki was associated with Cambridge Investment Research, Inc. The customers alleged that the registered representative recommended an investment that was unsuitable given their stated financial profile and that unauthorized trading occurred. The product listed in the disclosure is equity listed common and preferred stock, and the alleged damages are $250,000.
Zoracki’s BrokerCheck statement says the customers signed new account suitability documents confirming an aggressive risk tolerance. The statement further says CMCT was recommended and purchased for part of the customers’ portfolios as part of an overall asset allocation and diversification strategy. It also states that shares of common stock of CMCT were purchased in a commission account in error and that the trades were reversed at no expense or financial loss to the customers.
Pending Customer Dispute Involving Cambridge Investment Research
- Action: Pending customer dispute.
- Date received: December 23, 2025.
- Firm identified in disclosure: Cambridge Investment Research, Inc.
- Allegations: Customers alleged that Zoracki recommended an unsuitable investment given their stated financial profile and that unauthorized trading occurred.
- Product type: Equity listed common and preferred stock.
- Alleged damages: $250,000.
- Disposition: Pending.
Denied Customer Dispute Involving Mutual Funds
- Action: Customer dispute closed with no action, withdrawn, dismissed, or denied.
- Date received: November 4, 2002 by the firm; August 9, 2002 in the broker-reported version.
- Firms identified in disclosure: Robert W. Baird & Co. Incorporated and Northwestern Mutual Investment Services, LLC.
- Allegations: Customers alleged that growth funds or mutual funds were unsuitable given their background, goals, and need for a short-term investment. The broker-reported version stated that the funds came from the sale of the customers’ house and were intended to be used to purchase a second house.
- Product type: Mutual funds.
- Alleged damages: $60,000 in the firm-reported version and $34,000 in the broker-reported version.
- Disposition: Denied on December 6, 2002.
Settled Customer Dispute Involving Variable Appreciable Life Policies
- Action: Settled customer dispute.
- Date received: July 13, 1995.
- Firm identified in broker-reported disclosure: Prudential Insurance Company.
- Allegations: The customer alleged misrepresentation regarding the 1988 purchase of six Variable Appreciable Life policies, claiming the policies were sold primarily as a retirement plan.
- Product type: Insurance; life insurance.
- Alleged damages: No compensatory damages were alleged in the firm-reported version; the broker-reported version listed alleged damages as $0.
- Settlement amount: $27,057.14.
- Individual contribution: $0.
- Disposition: Settled on April 5, 1996. The company rescinded the policies and returned the total premiums paid to the customer.
Settled Customer Dispute Involving Life Insurance Churning Allegations
- Action: Settled customer dispute.
- Date received: July 1, 1994.
- Firm identified in broker-reported disclosure: Prudential Insurance Company.
- Allegations: The customer alleged that Prudential had been involved in a practice called churning and that Zoracki victimized the customer in connection with the sale of traditional life policy #73790502. The customer alleged he was told that existing equity in a prior policy would be used to pay for the new policy and that no additional charges would be required to obtain increased coverage.
- Product type: Insurance; life insurance.
- Alleged damages: $0 in the broker-reported version.
- Settlement amount: $0 in the broker-reported version.
- Individual contribution: $0.
- Disposition: Settled. The company offered cancellation of policy #73790502, reversal of dividend and loan transactions from the customer’s previously existing policy, and reinstatement of lapsed policy #22360825 without evidence of insurability.
Investors reviewing these disclosures should understand that pending allegations have not been proven and may be contested. However, the allegations reported in Zoracki’s BrokerCheck record involve issues that may be important to investors, including suitability, unauthorized trading, misrepresentation, and insurance-related churning allegations. To obtain a copy of Francis Stephen Zoracki’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111, the suitability rule, requires a broker to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer based on the customer’s investment profile. This rule is relevant to the pending Cambridge Investment Research complaint because the customers allegedly claimed that Zoracki recommended an investment that was unsuitable given their stated financial profile. It is also relevant to the earlier mutual fund complaint, where customers alleged that growth funds were unsuitable because they needed a short-term investment for money intended to purchase a second home.
FINRA Rule 3260 governs discretionary accounts and is commonly relevant when unauthorized trading is alleged. The pending customer dispute states that unauthorized trading occurred, and Zoracki’s BrokerCheck statement says shares of CMCT common stock were purchased in the customers’ commission account in error and then reversed. In disputes involving alleged unauthorized trading, the key issue is often whether the broker had customer authorization, written discretionary authority where required, and firm approval before placing trades.
FINRA Rule 2010 requires brokers and associated persons to observe high standards of commercial honor and just and equitable principles of trade. This rule may be relevant to the pattern of allegations in Zoracki’s disclosures because the reported complaints include claims of unsuitable recommendations, unauthorized trading, misrepresentation, and insurance churning. If proven, these types of allegations can raise concerns about whether a broker dealt fairly and honestly with customers.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
