Erez Law is currently investigating former Integrated Advisors Network LLC, Oppenheimer, and Merrill Lynch broker Dennis Ayre (CRD# 5365176) regarding investment management service related investment losses and unsuitable investment recommendations. He has been registered with Hilltop Securities Inc. in Beverly Hills, California since August 2019. Previously, he was registered with Oppenheimer & Co. Inc. in Los Angeles, California from 2014 to 2017 and with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Beverly Hills, California from 2011 to 2014.
In January 2022, FINRA barred him after he “consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation into the suitability of certain investment recommendations he made to customers while he was registered with FINRA.”
Dennis Ayre Customer Complaints
Dennis Ayre has been the subject of 14 customer complaints between 2019 and 2021, two of which were denied and one was withdrawn, according to his CRD report:
December 2021. “Claimants assert claims of failure to supervise, breach of fiduciary duty, respondent superior, unsuitability, breach of contract, violations of California securities laws, violation of FINRA Rules, fraud, intentional and negligent misrepresentations, professional negligence and other common law claims relating to purchases of energy company stock. Sears common stock and Contra Calamos. From 3/1/2014 to 5/1/2017.” The customer is seeking $1,000,000 in damages.
July 2021. “Claimants assert claims of unsuitability, negligence, negligent and intentional misrepresentation and omission, fraud, control person liability, respondent superior, breach of fiduciary duties, failure to supervise, failure to warn, violations of California securities laws, violation of FINRA Rules, breach of contract, loss of investment opportunity and rescission, relating to purchase and concentration of Foresight Energy, LP stock in the accounts. From 3/1/2014 to 9/30/2019.” The customer is seeking $5,480,902.73 in damages.
July 2021. “Claimant asserts claims of failure to supervise, breach of fiduciary duty, respondent superior, unsuitability, breach of contract, violations of California securities laws, violation of FINRA Rules, professional negligence and other common law claims relating to the purchase of Foresight Energy L.P. stock. From 9/1/2016 to 6/9/2017.” The customer is seeking $50,000 in damages.
December 2020. “Claimants assert claims of breach of fiduciary duty and negligence relating to concentrated investment in Foresight Energy LP stock. From 9/18/2014 to 5/1/2017.” The customer is seeking $300,000 in damages. The complaint was regarding common and preferred stocks and oil and gas investments and took place while he was registered with Integrated Advisors Network, LLC d/b/a Penguin Capital Management and Oppenheimer & Co., Inc.
September 2020. “Suitability, concentration in Foresight Energy, LLC. To 2014-2017 ( at Oppenheimer); thereafter, at Integrated Advisor Network.” The case was settled for $25,000. The complaint was regarding corporate debt and equity OTC and took place while he was registered with Integrated Advisors Network LLC and Oppenheimer.
September 2020. “Investment service suitability, excessive concentration and risk.” The customer sought $800,000 in damages and the case was settled for $77,000. The complaint was regarding investment management services and took place while he was registered with Integrated Advisors Network LLC, Oppenheimer, and Merrill Lynch.
September 2020. “Unsuitable investments.” The customer sought $784,147 in damages and the case was settled for $43,407.46. The complaint was regarding investment management services and took place while he was registered with Integrated Advisors Network LLC, Oppenheimer and Merrill Lynch.
August 2020. “Claimant alleges claims for breach of fiduciary duty, negligence and negligent misrepresentation concerning investments in FELP. From 2016-2017 Time Period.” The customer is seeking $775,000 in damages in this pending complaint. The complaint was regarding common and preferred stocks and took place while he was registered with Oppenheimer & Co. Inc., Hilltop Securities Inc., and Pershing Advisor Solutions LLC.
April 2020. “Excessive risk relative to client stated objective.” The customer sought $52,058 in damages and the case was settled for $20,823.06. The complaint took place while he was registered with Integrated Advisors Network LLC, Oppenheimer, and Merrill Lynch and it was regarding investment management service.
March 2020. “Claimants assert claims of failure to supervise, breach of fiduciary duty, respondeat superior, unsuitability, breach of contract, violations of california securities laws, violation of finra rules, fraud and other common law claims relating to purchases of certain stocks and bonds of energy companies, as well as sears common stock. From 3/1/2014 to 5/1/2017.” The customer sought $1,950,000 in damages and the case was settled for $20,000. The complaint took place while he was registered with Integrated Advisors Network LLC, Oppenheimer and Merrill Lynch and was regarding corporate debt, oil and gas investments, and investment management services.
April 2020. “Excessive risk relative to client stated objective.” The customer sought $52,058 in damages and the case was settled for $20,823.06.
October 2019. “Unsuitable investments.” The customer sought $5,200,000 in damages and the case was settled for $394,142.09. The complaint was regarding investment management services and took place while he was registered with Integrated Advisors Network LLC, Oppenheimer and Merrill Lynch.
October 2019. “Investment advice suitability; excessive risk and strategy deviation.” The customer sought $11,472,671 in damages and the case was settled for $604,000. The complaint was regarding investment management services and took place while he was registered with Integrated Advisors Network LLC, Oppenheimer, and Merrill Lynch.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Integrated Advisors Network LLC, Oppenheimer, and Merrill Lynch may be liable for investment or other losses suffered by Dennis Ayre’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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