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Two Raymond James Advisors Barred for Failing to Cooperate in FINRA Investigations

Posted on August 6th, 2024 at 1:50 PM
Two Raymond James Advisors Barred for Failing to Cooperate in FINRA Investigations

From the desk of Jim Eccleston at ÍøÆØ³Ô¹Ï

FINRA has barred two Raymond James Financial Services Inc. advisors, Bryan Noonan and Thomas Reyes, from the securities industry due to their failure to cooperate in ongoing investigations. InvestmentNews reports that both advisors had been under scrutiny by Raymond James for engaging in "selling away" and promoting products that the firm had not approved.

Noonan, who worked in Scottsdale, Arizona, sold an "unapproved investment" to clients, while Reyes, based in La Vista, Nebraska, sold annuities not sanctioned by Raymond James. These activities led to internal reviews, which were reported to FINRA. The firm flagged both advisors for potential violations of its policies concerning outside business activities and unauthorized sales.

Neither Noonan nor Reyes cooperated with the inquiries, leading to their permanent barring from the securities industry. Both advisors agreed to FINRA's settlement without admitting or denying the findings.

The case underscores the importance of firms taking proactive steps to prevent and detect such activities. Sander Ressler, managing director of Essential Edge Compliance Outsourcing Services stated that firms face liability when they do not reasonably attempt to use all available tools to ensure compliance with FINRA's supervision rules and prevent advisors from engaging in unauthorized business activities.

 

ÍøÆØ³Ô¹Ï LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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