Bitter legal fracas brewing between top executives at Indiana broker-dealer

The former CEO of David A. Noyes & Co., an Indiana broker-dealer that was sold last year, was fired last month for alleged concerns over the firm's compliance and supervision. Mark W. Damer was CEO of David A. Noyes until the end of last year when he stepped down after the firm had been purchased. Mr. Damer, however, remained registered with the broker-dealer and was to be vice chair of the board of managers for the Noyes Group, the holding company for the broker-dealer. David A. Noyes states that Mr. Damer was discharged for "concerns over the accuracy and completeness of certifications involving the firm's compliance and supervisory processes," according to BrokerCheck. In a response, Mr. Damer "emphatically denies the characterization of his departure from David A. Noyes & Co.," according to BrokerCheck. "Mr. Damer executed all certifications required of his role accurately and completely." [Recommended video:​ John Rogers strengthened diversity and inclusion efforts well beyond asset management] Mr. Damer started at David A. Noyes in 2007 and became CEO in 2014. In a complaint filed last Friday in state court in Hamilton County, Ind., Mr. Damer alleges that at the end of last year, the incoming chair of the Noyes Group, Chris Cooke, started to threaten his employment with Noyes. Specifically, Mr. Cooke made allegations that Mr. Damer had defrauded the company by hiring a certain adviser and making an accounting decision to fix an error in financial statements made in 2017. The complaint alleges that Noyes fired Mr. Damer without cause, and "the real reason Noyes terminated [Mr. Damer] was to further certain Noyes members' and managers' desire to restructure the company." The Noyes Group was sold last year and is in the process of being renamed Sanctuary Wealth, which will not comment on ongoing litigation, a spokesperson said. "The matter is being addressed through the proper legal channels." Sanctuary Advisors is a fast growing registered investment adviser recruiting wirehouse, breakaway brokers and is the RIA arm for David A. Noyes. Mr. Damer is currently a registered broker with another firm in Indiana, Thurston Springer Financial.