FINRA Bars Two Former Raymond James Advisors for Non-Cooperation in Investigations

Posted on July 16th, 2024 at 10:28 AM
FINRA Bars Two Former Raymond James Advisors for Non-Cooperation in Investigations

From the desk of Jim Eccleston at Eccleston Law

The Financial Industry Regulatory Authority (FINRA) has barred two former Raymond James financial advisors after they refused to cooperate with investigations into their departures from the St. Petersburg Florida-based firm, according to AdvisorHub.

Bryan R. Noonan, based in Scottsdale, Arizona, and Thomas Reyes, based in LaVista, Nebraska, both left Raymond James following internal reviews. Noonan's departure in February was tied to allegations of recommending unapproved investments, according to FINRA's settlement letter known as an Acceptance, Waiver and Consent (“AWC”). Similarly, Reyes left in March 2022 amid an internal review for a potential undisclosed outside business activity. Raymond James later determined that Reyes had sold annuities not on the firm’s approved product list.

Both advisors accepted the industry bars without admitting or denying FINRA’s findings.

They allegedly violated FINRA’s rule requiring participation in its investigations and its catch-all Rule 2010, which mandates high standards of commercial honor and equitable principles of trade.

These cases highlight the serious repercussions for financial advisors who fail to cooperate with FINRA investigations and underscore the importance of adherence to regulatory requirements.

 

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

Tags: eccleston, eccleston law, finra

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