Sanctuary Wealth, formerly known as David A. Noyes & Co., an Indiana-based broker-dealer, has lost a year-long legal battle over the termination of its former CEO.
Mark W. Damer will receive $2.06 million in compensatory damages over allegations including breach of contract and defamation, according to a Financial Industry Regulatory Authority (FINRA) award. FINRA arbitrators also directed that Sanctuary expunge Damer's CRD record of the discharge notice.
Damer was fired in July 2019 for alleged concerns over the accuracy and completeness of certifications involving the firm's compliance and supervisory processes, according to information AdvisorHub received from BrokerCheck.
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