FINRA Bars Raymond James Advisor Bryan Noonan after allegations of Selling Away
According to public documents on June 24, 2024, The Financial Industry Regulatory Authority (FINRA) has reportedly barred financial advisor Bryan Noonan from working in the securities industry.
From July 2006 to March 2024, Noonan was registered with FINRA as a General Securities Representative with five FINRA member firms, including, most recently, Raymond James Financial Services, Inc.
On March 7, 2024, Raymond James Financial Services, Inc. reported Noonan’s voluntary termination in a Uniform Notice for Securities Industry Registration (Form U5) filing. In the Form U5 filing, Raymond James reportedly stated that there was an internal review pending “relating to possible violations of the firm’s policies relating to outside business activities and selling away.”
On June 10, 2024, the firm filed an amended Form U5 filing stating that the internal review determined that Noonan, and his clients, invested in an unapproved investment.
In connection with FINRA’s investigation into whether Noonan engaged in undisclosed outside business activities and private securities transactions, Noonan allegedly refused to respond to requests for information and documents sent by FINRA. Noonan therefore violated FINRA Rules 8210 and 2010, leading to the bar.
Selling Away
Selling Away refers to a practice where brokers execute securities transactions outside their registered firm’s knowledge or approval, bypassing the firm’s oversight and due diligence processes. This poses significant risks to retail customers, as the investments may not have been properly vetted, potentially leading to fraud or unsuitable investment choices.
Without firm supervision, brokers might engage in conflicts of interest, pushing products that serve their financial interests rather than the customer’s needs. Additionally, these off-the-record transactions violate FINRA regulations, which mandate that all securities transactions be conducted through and monitored by the broker’s firm to ensure investor protection and regulatory compliance.
For customers, the implications of Selling Away are severe. They face increased risk of financial losses with limited recourse, as the firm may not be liable for unauthorized transactions.
FINRA BrokerCheck – Bryan Noonan
The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA.
Investors can use the tool to verify whether a broker or brokerage firm is registered with FINRA, as well as to review their employment history, licensing status, and any regulatory actions or complaints filed against them.
Bryan Noonan was reportedly registered with the following brokerage firms and registered investment advisory firms during his career in the securities industry, among others, according to FINRA:
IA, 07/29/2021 – 03/07/2024, RAYMOND JAMES FINANCIAL SERVICES ADVISORS, INC (CRD#:149018), Scottsdale, AZ
B, 07/28/2021 – 03/07/2024, RAYMOND JAMES FINANCIAL SERVICES, INC. (CRD#:6694), Scottsdale, AZ
IA, 10/17/2013 – 09/03/2020, EDWARD JONES (CRD#:250), SCOTTSDALE, AZ
B, 09/20/2013 – 09/03/2020, EDWARD JONES (CRD#:250), SCOTTSDALE, AZ
IA, 10/31/2011 – 09/23/2013, WELLS FARGO ADVISORS, LLC (CRD#:19616), SCOTTSDALE, AZ
B, 10/31/2011 – 09/23/2013, WELLS FARGO ADVISORS, LLC (CRD#:19616), SCOTTSDALE, AZ
Free Consultation with a Securities Attorney
If you have suffered investment losses with Bryan Noonan, the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to helping investors in claims in all 50 states against their financial professional or brokerage firm. Since the firm launched in 2010, it has handled over 700 FINRA arbitration cases.
Our firm represents investors in all types of securities related claims, including claims involving stock fraud, broker misrepresentation, churning, unsuitable investments, selling away, and unauthorized trading, among many others.
With over 30 years of securities law experience, The White Law Group has the expertise to help investors to recover their securities fraud losses.
Tags: broker investigation, Bryan Noonan, Raymond James Last modified: June 25, 2024
