Erez Law is currently investigating former Newbridge Securities Corporation financial advisor Dennis Hayes (CRD# 4403550) regarding selling away and private securities transactions. Hayes was registered with Salomon Whitney Financial in Melville, New York for two days from April 25-27, 2017.
Previously, he was registered with Newbridge Securities Corporation in Boca Raton, Florida from 2010 to September 2016, when he was terminated regarding, “He was permitted to resign based on two issues. First, the firm has an open internal review regarding a customer complaint that evolved into a arbitration for possible selling away and private securities transactions. Second, had little or no production in the last 12 months.”
Hayes has been the subject of six customer complaints between 2016 and 2018, according to his CRD report:
- April 2018. “Client alleged he was improperly and negligently advised on several investments causing substantial losses in his account.” The customer is seeking $66,246.47 in damages and the case is currently pending.
- December 2017. “Claimant alleges negligence and concentration of unsuitable investments lead to losses in his accounts.” The case was involving non-traded REITs and it is currently pending.
- July 2017. “Claimants allege they were invested in an unsuitable transaction and failure to supervise.” The case is regarding private securities. The customer is seeking $100,000 in damages and the case is currently pending.
- June 2017. “”The firm received a complaint by counsel for former customers alleging that the firm’s former registered representative, Dennis Hayes, recommended unsuitable securities and engaged in unauthorized transactions in the customers’ accounts.” The case is involving private placements and equity common and preferred stocks and promissory notes. The customer is seeking $650,000 in damages and the case is currently pending.
- August 2016. “Client is requesting redemption and payment for two financial instruments sold to her by her broker, Mr. Hayes, which has matured and payments not received. (arbitration claims failure to supervise, misconduct under the theories of control person liability and respondeat superior, participated in the sale of unregistered investments, violated suitability obligations, breach of fiduciary duty, negligent and fraudulent misrepresentations and omissions).” The case was involving penny stocks, promissory notes and real estate securities. The customer sought $750,000 in damages and the case was settled for $120,000.
- April 2016. “Claimant alleges fraud, constructive fraud, negligent misrepresentation/omission and violations of North Carolina Securities Act.” The case was settled for $12,500.
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, Newbridge Securities Corporation may be liable for investment or other losses suffered by Hayes’ customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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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