Broker Dennis Ayre Involved In Disputes Over Foresight Energy Investments
Soreide Law Group is investigating possible investor claims to be brought against securities broker Dennis Ayre (CRD#: 5365176, Beverly Hills, California). Notably, seven investors have come forward to dispute the actions of Ayre, who worked for Merrill Lynch, Oppenheimer (2014 to 2017) and Hilltop Securities (2019 to 2020).
Oppenheimer Client Indicates In Lawsuit That Dennis Ayre Sold Unsuitable Foresight Energy Investments
Notably, a client of both Oppenheimer and Integrated Advisors Network took aim at Ayre in a September 2020 lawsuit. Namely, the client alleges that Ayre sold unsuitable investments in Foresight Energy LLC. It appears that the client was concentrated in Foresight Energy (“FELP”) from 2014 to 2017 through Oppenheimer and afterwards at Integrated Advisor Network. For this reason, the client seeks compensation in this ongoing matter.
Ayre Supposedly Breached Fiduciary Duty
Evidently, in August 2020, a client of Ayre’s at Hilltop, Oppenheimer and Pershing Advisor Solutions brought a lawsuit to recover investment losses. First of all, the client alleged that Ayre breached a fiduciary duty relating to stock trades. Secondly, Ayre was seemingly negligent and misrepresented FELP investments in 2016 and 2017. Because of this, the client demanded $775,000 in damages. As of November 7, 2020, this matter is unresolved.
Integrated Advisors Client Indicates That Ayre Placed Client In Risky Investments
Also, there is a dispute from March 2020 on Ayre’s BrokerCheck report. Manly, the client of Integrated Advisors, Oppenheimer and Merrill Lynch indicates that Ayre pushed for aggressive investments in the client’s account. It seems that an investment management service involved Ayre taking risks that ran contrary to the client’s objectives. Evidently, the client received more than $20,000 to settle this matter.
Dennis Ayre Accused Of Selling Bad Investments, Acting Deceptively
Evidently, a client of Oppenheimer, Penguin Capital Management and Integrated Advisors Network brought a dispute about Ayre’s actions from 2014 to 2017. The claim makes allegations of failure to supervise, breach of fiduciary duty, breach of contract, and even violations of securities laws and FINRA rules. It seems that Ayre potentially traded stocks and bonds of energy companies in an unlawful manner. The client also suggests that Ayre evaded compliance by placing a put option to the client to guarantee investment returns. For this reason, the client demands $,1950,000 in damages. This matter is ongoing.
Client Alleges Millions In Damages Because Of Ayre
A client indicates in a March 2020 dispute that Ayre’s investment management service was not suitable. Apparently, Ayre concentrated the client in aggressive investments via an investment management service. Ultimately, for losses sustained from Ayre’s actions, the client demands $6,115,287 in damages.
Did Ayre Sell You Unsuitable, Unprofitable Investments?
BrokerCheck indicates that Ayre denies all allegations of sales practice violations referenced in the foregoing disputes. Suffered losses from Ayre? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions for clients who have sustained losses due to securities brokers and financial advisors.