Martin Noonan Expelled By FINRA

Securities Broker Martin Noonan Expelled As Broker For Avoiding FINRA Investigators

The Financial Industry Regulatory Authority (“FINRA”) barred securities broker Martin Joseph Noonan Jr. (CRD#: 2982159, El Segundo, California) for violating FINRA rules. In addition, the financial industry watchdog reports that an investor complained about the securities broker, who worked for Equibond from 2002 to 2013 and BMA Securities from 2013 to 2020. These disclosures suggest that Noonan unsuitably traded and had caused losses to one or more investors.

FINRA Expels Martin Noonan As Securities Broker

Evidently, in May 2020, FINRA issued a Letter of Acceptance, Waiver and Consent in effect barring Martin Noonan from the securities industry for violating FINRA rules. Principally, FINRA investigated the securities broker following its discovery of allegations of Noonan’s sales practice violations including excessive and unsuitable trading.
Notably, FINRA has the power under Rule 8210 to call for a securities broker's compliance during investigations. This includes requests to testify and to hand over information and documents to FINRA. In Martin Noonan’s case, he opted not to cooperate with investigators. In fact, the AWC shows that Noonan did not act on FINRA’s April 2020 request for documents and information. Subsequently, Noonan provided FINRA with a signed letter effectively relaying his position not to honor its requests. Not surprisingly, Noonan’s refusal was unacceptable to FINRA. For this reason, Noonan is no longer allowed to be a securities broker for any FINRA member firms which includes nearly all major broker dealers in the United States.

Equibond, BMA Securities Client Files Lawsuit Over Martin Noonan’s Trading

Notably, in November 2018, a client of Equibond and BMA Securities brought a FINRA Arbitration Claim contesting Martin Noonan’s actions. It appears that Noonan mismanaged the accounts of multiple clients by making unsuitable or excessive trades. It seems that Noonan failed to consider their objectives, goals, risk tolerances or other information bearing on suitability. He might have lacked a reasonable basis to believe that his high volume of trades was appropriate. Evidently, Noonan traded in the clients’ accounts from 2013 to 2017, mostly at BMA Securities LLC. All told, the clients seek $250,000 in compensation to resolve this ongoing matter.

Losses From Martin Noonan?

Have you experienced losses by investing with securities broker Martin Noonan? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of financial advisors and securities brokers like Noonan.