Dennis Ayre (Oppenheimer) Barred By FINRA

Oppenheimer Securities Broker Dennis Ayre Barred By FINRA And Involved In Investor Disputes About Foresight Energy LP Stock Transactions

Soreide Law Group is reviewing potential investor lawsuits against securities broker Dennis Phillip Ayre (CRD#: 5365176, Beverly Hills, California). Evidently, Ayre, who worked for broker-dealers including Hilltop Securities (2019 to 2020), Oppenheimer Co. Inc. (2014 to 2017), and Merrill Lynch (2011 to 2014), received an indefinite bar by Financial Industry Regulatory Authority (FINRA) due to his alleged failure to comply with a FINRA investigation concerning his investment recommendations.
Not only that, but investors filed disputes alleging sales practice violations—including breach of fiduciary duty, misrepresentation, unsuitable trading and negligence. Several of the investors’ disputes involve investments in Foresight Energy LP stock. Here’s more about the regulatory action and investor disputes, including what you could do if you experienced losses.

FINRA Bars Dennis Ayre For Allegedly Failing To Testify In An Investigation About His Investment Recommendations

Notably, FINRA barred Dennis Ayre as a securities broker to resolve its allegations of Ayre’s failure to comply with FINRA rules on investigations. Basically, FINRA can require a broker’s cooperation in an investigation, especially as it relates to allegations of the broker’s misconduct. Failure to cooperate with a FINRA investigation—in most cases—leads to the most severe sanctions, a bar.
Supposedly, Ayre spoke with FINRA in January 2022 to relay that he received instructions to testify in the investigation. Critically, Ayre refused to appear for testimony, violating FINRA rules. For this reason, the regulator barred Ayre effective January 28, 2022.

Oppenheimer Client Alleges Breach Of Fiduciary Duty, Breach Of Contract By Ayre

Evidently, a client of Oppenheimer filed a FINRA Arbitration Claim in December 2021 about investments in Sears common stock and energy company stock. Supposedly, while Dennis Ayre worked for Oppenheimer and Integrated Advisor Networks, he committed sales practice violations, including negligent misrepresentations, breach of contract, and unsuitable transactions. Supposedly, the firms failed to supervise his transactions. The client also alleges violation of FINRA rules and California securities laws. For this reason, they asked for $1,000,000 in compensation to resolve this ongoing matter. The securities firms and Ayre deny the allegations.

Dennis Ayre Supposedly Makes Unsuitable, Misrepresented Sales Of Foresight Energy LP Stock

It appears that other clients of Oppenheimer brought a dispute about Ayre. In a July 2021 FINRA Arbitration Claim, the clients allege Dennis Ayre’s negligence, misrepresentation, and unsuitable sales of Foresight Energy LP stock. This claim also alleges violation of California securities laws and FINRA rules. Supposedly, the clients experienced damages on a breach of contract and breach of fiduciary duty by Ayre or the securities firms. Because of this, the clients asked for $5,480,902.83. This matter is unresolved at this time. However, Ayre and his employers deny these allegations.

Negligence, Violation Of California Securities Laws Alleged In FINRA Arbitration Claim About Ayre

In a third FINRA Arbitration Claim reported on Dennis Ayre’s BrokerCheck record (July 2021), a client of Oppenheimer alleges breach of fiduciary duty, unsuitability, breach of FINRA rules and California securities laws, negligence, and breach of contract. It appears that these causes of action relate to Ayre’s sale of Foresight Energy LP stock. Supposedly, the client experienced losses on Foresight Energy LP and asked for $50,000 as a result. Ayre and Oppenheimer deny this client’s allegations.

Did You Experience Damages Because Of Dennis Ayre?

Did securities broker Dennis Ayre cause you to suffer losses on Foresight Energy LP or other investments? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer regarding a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has helped many United States investors recover compensation when they have incurred losses by their financial advisors and securities brokers. Please note that Ayre denies all allegations of sales practice violations.