oreide Law Group, based in Pompano Beach, Florida, obtained the following information from FINRA’s Disciplinary Report March 2019 on former Newbridge Securities of Boca Raton, broker:
Dennis Allen Hayes (CRD #4403550)
was named a respondent in a FINRA complaint alleging that, without providing his member firm prior written notice, he participated in private securities transactions by recommending that investors, most of whom were clients of his firm, invest a total of $2.7 million in securities issued by privately held companies and helped facilitate those investments.
FIRNA’s complaint alleges that the investors suffered losses of at least $2.3 million, after one of the companies filed for bankruptcy and the other companies ceased operations.
The FINRA complaint also alleges that Dennis Allen Hayes used personal email addresses to correspond with clients about their firm accounts and communicated via text message with another firm client about her firm account. Hayes did not provide these communications to the firm and therefore the firm could not review or retain this securities related correspondence, causing it to fail to preserve its books and records.
FINRA’s complaint also alleges that Dennis Allen Hayes failed to provide information and documents to FINRA related to complaints that clients made about his handling of their investments in the companies.
(FINRA Case #2016050883001)
FINRA barred Dennis Allen Hayes from acting as a broker or otherwise associating with a broker-dealer firm on March 22, 2019.
According to FINRA’s BrokerCheck, Dennis Allen Hayes, has 9 disclosures on his report, 7 are customer disputes. Three of the customer disputes were settled in 2017 with settlement amounts of, $212,500.00, $30,000.00 and $760,000.00. Two disputes were settled in 2016 for $12,500.00 and $120,000.00. There are still two customer disputes pending. Some of the allegations listed, among several other allegations, were recommending unsuitable securities, engaging in unauthorized transactions in the customers’ accounts, failure to supervise, and participating in the sale of unregistered investments.
Dennis Hayes was registered in the securities industry for 13 years and was listed with 8 firms, the most recent below:
04/25/2017 – 04/27/2017 SALOMON WHITNEY FINANCIAL – MELVILLE, NY
02/16/2010 – 09/16/2016 NEWBRIDGE SECURITIES CORP – BOCA RATON, FL
02/06/2009 – 02/19/2010 NFP SECURITIES INC – CHARLOTTE, NC
If you’ve suffered financial losses due to the actions or recommendations of Dennis Allen Hayes formerly of Newbridge Securities of Boca Raton, Florida, contact the Pompano Beach, Florida based Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.