Martin Noonan, Formerly of BMA Securities, Barred by FINRA for Refusing to Cooperate with Investigation

Noonan was being investigated based on allegations of unsuitable and excessive trading in a client account.

The Sonn Law Group is investigating allegations that Martin Noonan made excessive and unsuitable trades.  If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Martin Joseph Noonan Jr. (CRD#: 2982159) was previously registered with BMA Securities from 2013 until 2020. FINRA initiated an investigation into Noonan after reviewing a Dispute Resolution Statement of Claim filed against him and his member firm alleging unsuitable and excessive trading in a client account.

In connection with the investigation, FINRA requested that Noonan produce information and documents concerning the allegation. Noonan refused and was subsequently barred from associating with any FINRA member firm for an indefinite period.

On April 23, 2020, FINRA sent Kinsman a request for on-the-record testimony pursuant to FINRA Rule 8210. Kinsman acknowledged the request and stated that he would not appear for testimony. Kinsman was subsequently barred from association with any FINRA member firm based on his refusal. 

Noonan has nine other disclosures on his BrokerCheck report.

November 2018 Customer Dispute

• Status: Pending
• Allegations: “Claimants accounts were allegedly mismanaged or that the account representative engaged in unsuitable or excessive trading while at Equibond Inc (ending 12/2013) or BMA Securities LLC (3/2014 -8/2017).”
• Damage Amount Requested: $250,000.00
• Broker Comment: “Claimants were non-discretionary, the Claimants were active participants in all investment decisions and the investments were suitable. Not all investments were solicited by account representative.” 

March 2016 Judgment/Lien

• Judgment/Lien Amount: $1,349.21
• Judgment/Lien Type: Tax

September 2015  Judgment/Lien

• Judgment/Lien Amount: $2,452.08
• Judgment/Lien Type: Civil

June 2015 Judgment/Lien

• Judgment/Lien Amount: $10,549.73
• Judgment/Lien Type: Tax
• Broker Comment: “I currently owe the Massachusetts Department of Revenue $10,549.73. The balance represents underpayment of personal income taxes for the years of 2010, 2011, and 2012. I have since been negotiating my obligation with various agents over the past two years. I have been in contact with the Department of Revenue in hopes of finalizing a payment plan. Prior to FINRA’s inquiry I had no knowledge of the state’s lien. Once I was made aware I called a revenue agent assigned to my case to verify what is being reported. The agent explained to me that by law, the state places liens on property for all outstanding debts over $10,000. She further explained that the state notifies the taxpayer by mail informing them of the lien. I do not recall ever discussing liens with any revenue agents I spoke with. I have no reason to believe that the state didn’t send me the notice, I just never recall receiving it nor can I find a copy in my records. A previous single disclosure on CRD listed two liens totalling $15,378. At FINRA’s recommendation, these two liens are now separated into two separate disclosures. 

June 2014  Judgment/Lien

• Judgment/Lien Amount: $4,828.57
• Judgment/Lien Type: Tax
• Broker Comment: “I currently owe the Massachusetts Department of Revenue $4,828.57. The balance represents underpayment of personal income taxes for the year 2010. I have since been negotiating my obligation with various agents over the past two years. I have been in contact with the Department of Revenue in hopes of finalizing a payment plan. Prior to FINRA’s inquiry I had no knowledge of the state’s lien. A previous single disclosure on CRD listed two liens totalling $15,378. At FINRA’s recommendation, these two liens are now separated into two separate disclosures.”

March 2014 Judgment/Lien

• Judgment/Lien Amount: $8,068.08
• Judgment/Lien Type: Civil

March 2014 Judgment/Lien

• Judgment/Lien Amount: $10,240.87
• Judgment/Lien Type: Civil

November 2013 Judgment/Lien

• Judgment/Lien Amount: $7,779.55
• Judgment/Lien Type: Civil
• November 2013 Judgment/Lien
• Judgment/Lien Amount: $1,503.49
• Judgment/Lien Type: Civil

Contact Us Today

The Sonn Law Group is currently investigating allegations that Martin Noonan engaged in unsuitable and excessive trades. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.