Martin Joseph Noonan Jr. of El Segundo California a stockbroker formerly registered with BMA Securities LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate with FINRA personnel who were investigating accusations that Noonan engaged in excessive and unsuitable trades in the accounts of a BMA customer. Letter of Acceptance Waiver and Consent No. 2019061162901 (May 21, 2020).
According to the AWC, FINRA was made aware from BMA Securities on April 7, 2020 that Noonan had been terminated from the securities broker dealer. After FINRA received a Statement of Claim which made allegations of unsuitable and excessive trading by Noonan and BMA Securities, the regulator launched an investigation into Noonan’s sales practices.
FINRA stated that Noonan had cooperated with its personnel at first. That stopped in May of 2020 at which point the stockbroker failed to provide a response to FINRA’s April 3, 2020 request for information and documentation. The AWC stated that on May 12, 2020, Noonan confirmed that he would not provide the requested documentation or information sought by the regulator. Noonan’s refusal to cooperate with FINRA’s investigative requests constituted the violation of FINRA Rules 2010 and 8210. He was barred for this reason.
FINRA Public Disclosure also indicates that a customer filed an investment related arbitration claim pertaining to Noonan’s conduct in which the customer requested $250,000.00 in damages supported by allegations that the customer’s account had been negligently administered and that common or preferred stock transactions were executed by Noonan on an excessive and unsuitable basis during the period in which he was employed by Equibond Inc. and BMA Securities. FINRA Arbitration No. 18-03934 (Nov. 19, 2018).
Noonan was registered with BMA Securities between December 3, 2013 and April 7, 2020.
