FINRA Bars Beverly Hills Financial Advisor Following Unsuitability Allegations
Ex-Oppenheimer and Hilltop Securities broker Dennis Phillip Ayre is barred by the Financial Industry Regulatory Authority (FINRA) beginning January 28, 2022. The Los Angeles financial advisor refused to testify in the self-regulatory organization’s (SRO’s) probe into suitability allegations.
Ayre, who most recently was a Hilltop Securities broker, worked as an Oppenheimer & Co. broker from 2014 to 2017. He has 15 disclosures on his BrokerCheck record; 14 are customer disputes. In five pending disputes, the claimants are collectively pursuing around $7.6M in damages. The remaining investor cases were settled for over $1.16M.
Our broker negligence attorneys are looking into claims of losses by investors who worked with Dennis Ayre. In California, call SSEK Law Firm at (619) 550-4847. Throughout the US, call (800) 259-9010 today.
Customer Disputes Pending Against Broker Dennis Ayre
The still-pending FINRA arbitration claims involving Ayre’s former customers allege that the ex-Oppenheimer broker carried out several types of securities fraud. Here are the pending claims Ayre is facing:
- December 2021: The investors seek $1M in damages over losses sustained in energy company stocks, Contra Calamos, and Sears common stock. They allege unsuitability, failure to supervise, breach of fiduciary duty, breach of contract, misrepresentations, negligence, and other contentions.
- July 2021: These claimants, who made similar allegations, claim negligence, omissions, and concentration related to their Foresight Energy (FELP) investment. They are requesting nearly $5.5M in damages.
- July 2021: In this customer dispute, also over Foresight Energy, the claimant is seeking $50K in damages.
- December 2020: These investors seek $300K in damages involving Foresight Energy.
- August 2020: This investor is requesting $775K in damages related to their Foresight Energy losses.
What is Foresight Energy?
Foresight Energy is a master limited partnership (MLP). It develops and runs coal mines and related infrastructure. Via its subsidiaries, Foresight Energy controls over three billion tons of coal reserves in Northern Appalachia and Illinois. In March 2020, FELP filed for bankruptcy protection.
It now appears that many brokerage firm customers may have been unsuitably sold Foresight Energy by their financial advisor. Like all MLPs, FELP should only have been sold to rich, sophisticated investors or institutional customers.
Other firms where Dennis Ayre used to be a registered broker and investment advisor include Integrated Advisors Network, Merrill Lynch, Pierce, Fenner & Smith, and Wells Fargo Advisors.
Recover Investment Losses With an Experienced Securities Law Firm
Our experienced securities fraud lawyers represent ex-Oppenheimer customers who suffered losses while working with Dennis Ayre. Your best course of action for financial recovery is through FINRA arbitration. Contact SSEK Law Firm today to receive your free, no-obligation case consultation.