According to FINRA, David Robert McDonnell was barred from association with any FINRA member in all capacities on March 22, 2022, for refusing to provide documents and information requested by FINRA.

FINRA's investigation concerned the circumstances giving rise to McDonnell's termination from his member firm. The firm filed a Form U5 stating it had terminated McDonnell's employment because he participated in a private securities transaction by issuing promissory notes and conducted an outside business activity by serving as trustee of a trust.

Private securities transactions conducted without firm knowledge and approval are known as selling away" and represent serious violations because they deprive firms of the ability to supervise these transactions and protect investors. When representatives issue promissory notes to investors without firm approval