Business ProfileforFrancis Capital Management

According to information in the BBB files, it appears that the company is no longer in business. The phone numbers the BBB had for this company are disconnected, and directory assistance does not have a listing for this company. The BBB's mail to this company has been returned as undeliverable. If you have an unresolved dispute with this company you may wish to seek legal advice.

The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.

June 3, 2019 The following describes a Settlement Agreement that has been formally brought by a government agency. Manuel P Alvarez and the Department of Business Oversight (Commissioner of Business Oversight), alleges and charges as follows:
Francis Capital Management, LLC holds a valid and unrevoked investment adviser certificate issued by the Commissioner on October 8, 2015. The Commissioner, through her staff, commenced a regulatory examination of FCM on January 9, 2017 during the course of which the Department determined that FCM engaged George R. Pidgeon as an unregistered solicitor or investment adviser representative. FCM did not report Pidgeon as its solicitor or investment adviser representative and FCM made untrue statements to the Commissioner concerning Pidgeon's employment. Pidgeon had been registered with FINRA as a registered representative of various Broker-Dealers during his relationship with FCM and FCM entered into signed placement agent agreements with whichever Broker-Dealer at which Pidgeon was employed during the time period when Pidgeon introduced investors to FCM's Funds. FCM paid the Broker-Dealers where Pidgeon was employed on account of investors who purchased interests in the Funds according to the terms of the placement agreements.

On July 22, 2015, the Department sent a written request to FCM asking for additional clarification or documentation concerning, among other things, Pidgeon's employment with FCM. The Department advised FCM that the company is prohibited from engaging a solicitor who is not registered. Moreover, the Department also notified FCM that to continue FCM's arrangement with Pidgeon, FCM was required to report Pidgeon as a solicitor in California. FCM's written response of August 7, 2015 stated that FCM is "no longer compensating Mr. Pidgeon, Jr. and he is no longer acting as a solicitor for Francis Capital." FCM subsequently filed a Form U4 on behalf of Pidgeon on August 15, 2017, which was eventually terminated in December of 2017. As of May 31, 2018, Pigeon's CRD1 (Central Registration Depository) information showed FCM as Pidgeon's employer.

It is the intention and desire of the parties to resolve this matter without the necessity of a hearing or other litigation. FCM neither admits nor denies the fact allegations set forth in the Statement in Support of Order. The Commissioner finds that this action is appropriate, in the public interest, and consistent with the purposes fairly intended by the policy and provisions of this law. FCM agrees to pay administrative penalties of $10,000.00 within 10 days of the effective date of this Settlement Agreement, made payable in the form of a cashier's check or Automated Clearing House deposit to the "Department of Business Oversight,".

To access the full Department of Business Oversight press release, please visit: http://www.dbo.ca.gov/ENF/pdf/2019/Francis-Capital-Management-LLC-6-3-19.pdf