Previously registered broker Martin Joseph Noonan Jr was the subject of a regulatory action instituted against him by the Financial Industry Regulatory Authority (FINRA) leading to his bar on the allegation of his refusal to produce information as requested by FINRA according to an investigation by lawyer Alan Rosca.
Investor lawyer Alan Rosca of the Rosca Scarlato LLC law firm is investigating conduct related to the bar of former broker Martin Noonan . Concerned investors are encouraged to reach out to an experienced investor lawyer to discuss potential option. For a free case evaluation or to provide useful information, investor may contact Mr. Rosca toll free at 888-998-0530, via email at arosca@rscounsel.law, or though the contact form on this page.
Martin J. Noonan Jr. was last in the employment of BMA Securities, till April 2020. BMA Securities is a member firm of the Financial Industry Regulatory Authority (FINRA) and Martin Noonan Jr was in their employment when the alleged conducts of the FINRA sanction were carried out.
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Martin Joseph Noonan Jr. Was Barred By FINRA
Publicly available information reviewed by the Rosca Scarlato investor lawyers shows that Martin Joseph Noonan Jr. was barred by FINRA in May 2020 on the allegation stated above as reported on his FINRA Brokercheck page. According to the reports, former broker Martin Noonan Jr, without admitting or denying the allegations, consented to an Acceptance, Waiver and Consent (AWC) order, thereby consenting to the sanctions.
He was barred indefinitely in all capacities starting from May 21, 2020. The regulatory action was instituted on the allegations that Martin Noonan Jr. refused to produce information and documents requested by FINRA during an investigation initiated after reviewing a dispute resolution statement of claim filed against Martin Noonan Jr. and his member firm alleging unsuitable and excessive trading in a client account.
This alleged conduct was in violation of FINRA Rule 8210 which gives FINRA enforcement and investigatory staff, the authority to investigate matters brought pursuant to their investigative powers. This rule also empowers the FINRA staff to request for information and documents as it pertains to or in the course of furthering an investigation being conducted.
The effect of this rule is that brokers and broker dealers against whom these documents and information requests are made are expected to comply and provide them as requested. And the failure to comply with the directives could be grounds for regulatory sanctions. The sanctions for the violation of this rule could be as severe an indefinite bar from all financial industry activities.
Martin Noonan Jr Involved in a Pending Customer Dispute
Also reported in the FINRA brokercheck page is a pending customer dispute instituted against the previously registered broker in November 2018. In the reports, the clients alleged that their accounts were mismanaged by Martin Noonan Jr and that he engaged in excessive trading on the accounts.
The client alleged that the excessive trading occurred while he was in the employment of Equibond Inc., a FINRA member firm, ending in December 2013; and at BMA Securities LLC, his previous firm between March 2014 and August 2017. The client is seeking to recover $250,000 in damages from the dispute.
Excessive trading or churning as alleged in the pending customer dispute could occur in a situation where there are multiple or numerous trades in a client’s account which is not in line with the client’s investment objectives. Excessive trading could be carried out by the broker to generate higher commissions on trades among other reasons.
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 Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating allegations of unsuitable and excessive trading involving Martin Joseph Noonan Jr.
The firm takes most cases of this type on a contingency fee basis and advances 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, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of conducts related to Martin Joseph Noonan Jr’s alleged misconduct may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.