Finding the right investment can feel like searching for a needle in a haystack. Many rely on financial advisors to guide them through this complex process. Yet, what happens when those trusted advisors step out of line? This is precisely the crux of our story today, involving two former financial advisors, Thomas Reyes and Bryan Noonan.
Both were barred by FINRA for engaging in unauthorized investment activities. They had placed clients into investments not approved by their firm, Raymond James – a move that resulted in severe consequences.
Our blog aims to shed light on these events and examine the ripple effects they have caused within the industry. We’ll explore how such actions lead to sanctions and what this means for investors and other financial professionals alike.
Stay tuned—it’s going to be an enlightening read.
Key Takeaways
Table of Contents
- FINRA barred Thomas Reyes and Bryan Noonan for selling investments that Raymond James didn’t approve. This action came because they did not follow the firm’s rules.
- Both advisors refused to testify about their actions, which broke Finra rules 8210 and 2010. Because of this, they can no longer work in the financial industry.
- Reyes had been in trouble before with three customer complaints during his 23-year career. Noonan was let go by Edward Jones after being barred, but he didn’t have any complaints from customers.
- The bar against Reyes and Noonan shows how serious FINRA is about making sure advisors only sell approved investments. It helps protect investors from bad advice.
- Checking an advisor’s history for any past troubles is smart. This can help investors make better choices when looking for financial guidance.
Background of Advisors Reyes and Noonan
Advisors Reyes and Noonan were discharged by Raymond James for unapproved investments and later barred by FINRA for “selling away” from the firm, which prompted disciplinary actions.
Discharged by Raymond James for unapproved investments
Raymond James discharged Thomas Reyes in March 2022 and Bryan Noonan in April 2024. Their terminations stemmed from allegations of steering clients toward investments not sanctioned by the firm.
This action illuminated a significant breach of protocol, underscoring a worrying trend of advisors pursuing unauthorized ventures at the expense of client accounts and compliance standards.
After their dismissals, Reyes and Noonan faced further scrutiny for these unapproved activities. The next phase of investigation delved into their resistance to cooperate with official inquiries, marking a pivotal moment in understanding the scope of their investment misconduct.
Barred by FINRA for selling away from the firm
Following their discharge from Raymond James for engaging in unapproved investments, FINRA took further action against advisors Reyes and Noonan. Both were barred from the industry due to their involvement in selling away from the firm.
This decision came after they decided not to testify regarding the allegations against them. By opting out of testimony, they accepted the bar without admitting or denying any wrongdoing.
The immediate consequence for Noonan was termination from Edward Jones, demonstrating how seriously firms and regulatory bodies view violations of this nature. The prohibition by FINR A sends a clear message about the strict stance on advisors conducting external business without approval.
It underscores the commitment to upholding standards within the financial services industry to protect investors and maintain market integrity.
Violations and Refusal to Testify
Advisors Reyes and Noonan faced accusations of selling unapproved investments, violating Finra rules 8210 and 2010. They also refused to appear for testimony.
Accusations of selling unapproved investments
Reyes and Noonan faced serious accusations after they sold annuities not approved by Raymond James. Their actions breached company policies, violated securities regulations, and led to their discharge.
Selling investments that the firm hadn’t green-lighted showed a clear disregard for the rules set to protect clients and maintain integrity in financial advisories.
Their misconduct didn’t stop there; both engaged in selling away from Raymond James. This activity further emphasized their failure to comply with guidelines meant to safeguard against conflicts of interest and ensure transparency.
The consequences were severe – FINRA barred them for these practices, marking a significant blot on their professional records.
Violations of FINRA rules 8210 and 2010
Advisors Reyes and Noonan violated FINRA rules 8210 and 2010, leading to their barring by FINRA. These violations were related to selling away from the firm and engaging in unauthorized outside business activities.
Both advisors refused to appear for testimony, further exacerbating their noncompliance with regulatory standards.
Refusal to appear for testimony
Reyes and Noonan declined to testify during FINRA’s investigation, infringing upon rules 8210 and 2010. This refusal directly contributed to their association barring by FINRA.
Career History and Customer Complaints
Reyes has a lengthy registration record with several customer complaints, while Noonan’s employment termination occurred without any accompanying customer complaints.
Reyes’ registration record and customer complaints
Reyes, with a registration history spanning 23 years, attracted three customer complaints. However, two of these complaints were denied. After departing from Raymond James due to unapproved investments, Reyes continued in the financial realm for approximately 14 months at NEXT FINANCIAL GROUP.
Noonan’s employment termination and lack of customer complaints
Noonan’s employment at Raymond James ended due to unapproved investments, but his record doesn’t include customer complaints. Edward Jones terminated him right away after learning of the bar.
His tenure at Raymond James abruptly concluded due to unauthorized investment activities; however, no customer complaints mar his professional record. As soon as Edward Jones got wind of the bar, they promptly terminated Noonan’s employment.
Conclusion
If you or someone you know has been affected by unauthorized investment sales or other misconduct by financial advisors, it’s crucial to seek legal guidance from experienced professionals. Haselkorn & Thibaut, a national investment fraud law firm, is dedicated to helping investors recover losses caused by negligence or wrongdoing in the financial industry.
FINRA’s role in maintaining market integrity is crucial, as is the need for transparency and ethical practices among financial advisors. However, incidents like those involving Thomas Reyes and Bryan Noonan expose potential weaknesses in firms’ oversight mechanisms, putting investors at risk.
To protect your investments and explore your legal options, Haselkorn & Thibaut invites you to call their toll-free investor hotline at 1-888-885-7162 for a free, no-obligation consultation. Their team of skilled attorneys, with over 50 years of combined experience, will:
- Listen to your concerns and assess your unique situation
- Provide expert guidance on the best course of action
- Answer any questions you may have about the process
- Discuss potential strategies for recovering your investment losses
Don’t wait to safeguard your financial future. If you suspect that you’ve been a victim of investment fraud or misconduct, contact Haselkorn & Thibaut today to schedule a free consultation. Their nationwide practice operates on a contingency fee basis, meaning there are no fees unless they recover your losses.
Take the first step in protecting your investments and call 1-888-885-7162 now to speak with an experienced investment fraud attorney at Haselkorn & Thibaut.
