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Angel Investor (Individual)

Investments

1

Portfolio Exits

1

About David A. Noyes

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Latest David A. Noyes News

Sanctuary must pay $2M to resolve messy management transition

Dec 1, 2022

November 30, 2022 7:07 PM In an emailed statement, representatives for Sanctuary pointed out that the panel's decision ordered Damer to transfer ownership of his remaining 6,200 shares in the Noyes company to Sanctuary. Damer had requested damages of nearly $18 million, while Sanctuary denied his allegations and responded with its own counterclaim seeking $3.6 million. "The FINRA decision is the result of a legacy employee matter involving a former executive of David A Noyes," Sanctuary spokeswoman Michaela Morales said in a statement. "We stand by our decision to no longer employ this executive and that decision is not challenged by this ruling. We are pleased the arbitration panel has awarded the return of thousands of Noyes shares to Sanctuary Wealth. At all times we acted in our clients' best interests." Brokerage launch complications Changes in management or ownership often lead to lengthy litigation as incoming teams seek to retain as many advisors and client assets as possible from the prior regime. When a brokerage entity such as Noyes and its current brand name of Sanctuary Securities is involved in such a transition, the need to win over the existing advisors looms large to any new manager or investor, according to Bill Hamm, who launched Tampa, Florida-based brokerage and registered investment advisor Independent Financial Partners in 2019. Hamm's firm endured a recruiting onslaught by LPL Financial when it left the giant to create its own brokerage. These days, the firm has around 265 advisors in a business that is attracting prospective investors' bids as well, Hamm said. "If they were to buy us, our advisors would get hit with a higher cost of doing business because we're probably as competitive as anyone out there," Hamm said. "It's all a function of the numbers and how they work." The nature of the transition from Noyes to Sanctuary remains largely under wraps, since FINRA arbitration is nonpublic and award documents rarely contain much detail. November 21, 2022 3:46 PM When Indianapolis-based Sanctuary Wealth launched in 2018, the company's press release described it as "a new division of 110-year-old Noyes Group," which was "one of the oldest securities firms in Chicago." Azimut acquired a 55% stake in Sanctuary Wealth in 2021 with an investment of $50 million, and the wealth management firm obtained an additional infusion of $175 million this year through a convertible loan from the managed funds of private credit firm Kennedy Lewis Investment Management. The technical parent firm of Sanctuary Securities that's now majority owned by Azimut, Sanctuary Wealth Group, has been its sole shareholder since January 2015, according to the company's detailed BrokerCheck record. David A. Noyes shows up in the disclosure as well, alongside the names of independent practices that use Sanctuary's brokerage and RIA. "When you join Sanctuary Wealth Partners, you can be confident you are joining an exclusive firm of the most forward-thinking advisors in the business," L.H. Bayley, the chairman of the board of Noyes Group, said in a statement upon the launch of Sanctuary in 2018. In the press release, Sanctuary unveiled an incoming team with $1.7 billion in assets under management that left Wells Fargo Advisors, a harbinger of the many large recruits that have joined in the years following the rebranding. "We are thrilled to open the doors to Sanctuary and its model of partnered independence," Dickson said in a statement at the time. "Our vision is to enable our elite network of advisors to build the careers they've dreamed of with a true sense of entrepreneurship, transparency and the highest levels of client service. "  The case Damer, the onetime CEO of Noyes, was "supportive" of that approach, which reflected "just a changing of the old guard into the new guard," said his attorney, Starr. About eight months after the unexpected termination, he filed an arbitration claim against Sanctuary and Noyes accusing the firm of violating the transition agreement, as well as fraud, defamation, conversion and interference with business relationships, according to the award. In the BrokerCheck comment on Damer's July 2019 firing, the company cited "allegations concerning the accuracy and completeness of certifications involving the firm's compliance and supervisory processes." "Mr. Damer emphatically denies the characterization of his departure from David A. Noyes," he said in response on BrokerCheck. "Mr. Damer executed all certifications required of his role accurately and completely." November 29, 2022 4:59 PM Six months after the filing of the arbitration claim, a former client of Damer's filed a separate claim seeking $150,000 in damages for alleged unsuitable investments in alternative products, according to BrokerCheck. Without any contribution from Damer, Sanctuary settled the case in March for $57,500, his detailed BrokerCheck file shows. Sanctuary had denied Damer's allegations against his former firm and accused him of breaches of fiduciary duty and contract, along with fraud and other claims involving "misconduct by Damer while serving as a corporate officer," according to the award document. In two separate orders in December 2021 and April 2022, the panel awarded Damer "reasonable" attorney fees and costs that it assessed at $20,000 in September just before the last rounds of hearing sessions in the case. Damer must pay $5,250 of the hearing session fees, compared to $32,250 in costs to be paid by Sanctuary. The panelists approved the deletion of Sanctuary's explanation for Damer's departure, to be replaced by language saying that the "company wishes to move in a different strategic direction." To replace the explanations permanently, Damer needs to get confirmation of the award in court and forward a copy of the decision to FINRA's Credentialing, Registration, Education and Disclosure Department. "In the end it was a breach of contract case," Starr said. "They had counterclaimed against Mark for a huge amount, and the panel found that they were entitled to nothing on the counterclaim. The expungement award was, in our opinion, a vindication of Mark. They didn't just say, 'Remove the bad marks.' They told Sanctuary what to say. That was very important to Mark."

David A. Noyes Investments

1 Investments

David A. Noyes has made 1 investments. Their latest investment was in Clear Software as part of their Seed VC on February 2, 2016.

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David A. Noyes Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

2/22/2016

Seed VC

Clear Software

$0.5M

Yes

2

Date

2/22/2016

Round

Seed VC

Company

Clear Software

Amount

$0.5M

New?

Yes

Co-Investors

Sources

2

David A. Noyes Portfolio Exits

1 Portfolio Exit

David A. Noyes has 1 portfolio exit. Their latest portfolio exit was Clear Software on October 22, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

10/22/2021

Acquired

$99M

17

Date

10/22/2021

Exit

Acquired

Companies

Valuation

$99M

Acquirer

Sources

17

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