Jeffrey Noard, a registered representative from Menomonee Falls, Wisconsin, formerly with Allied Beacon Partners, was suspended from FINRA membership as a result of an investigation into unsuitable recommendations made to an elderly client who purchased debentures. Noard entered into an acceptance waiver and consent agreement with FINRA in which he neither admitted nor denied the findings, but agreed to a fine of $2,500 and a suspension of ten business days.
In June 2017, Jeffrey Noard agreed to the suspension, and FINRA published its findings that Noard violated FINRA’s suitability rules which state that a broker must have a reasonable basis and belief that their customer is able to bare the risk of loss, and that the investment is otherwise appropriate given the investor’s age, net worth, income and investment objectives. FINRA found that Noard did not abide by the suitability rule, and recommended an unsafe and unsuitable renewable secured debenture. Noard claimed the debentures were safe and liquid, when in fact the opposite was true. The investor did not receive any of their primary capital before the debentures matured, and it was nearly impossible to resell them on the market.
FINRA found that Noard did not let his customer know the risks associated with this purchase, and did not assess the customer’s financial stability correctly in order to establish that this was a suitable investment for her.
Jeffrey Noard’s registration and disciplinary history
In order to lawfully sell investments to the public, one must either be registered or exempt from registration.
Jeffrey Noard was registered with Allied Beacon Partners from February 2011 to July 2013 and American Beacon Partners from July 2010 to February 2011.
According to FINRA’s CRD disclosure report, Jeffrey Noard has been the subject of one criminal charge, one employment termination after allegations, one case of financial bankruptcy, and one regulatory investigation.
FINRA is the primary regulator for broker dealers and registered representatives in the United States. FINRA’s role is to promulgate standards and practices for the brokerage industry and to ensure compliance with its rules by licensed entities and individuals.
FINRA has two primary ways to ensure compliance with the securities laws: by means of an enforcement unit that investigates and disciplines wrongdoing, and through the establishment of an arbitration forum where investors can resolve disputes against broker dealers. FINRA’s arbitration forum, FINRA Dispute Resolution is the largest arbitration forum in the country for resolving investor disputes, and typically processes over 10,000 filings annually.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 24 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via unlawful and unsuitable investment transactions. During that time, we have recovered money for over one thousand individuals, pension plans, trusts, and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.
If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.