Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Dennis Ayer (CRD # 5365176) was recently barred from the securities industry by FINRA’s Department of Enforcement after failing to cooperate in an investigation into the suitability of recommendations to customers.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Ayer.
Registration Background for Dennis Ayer
Mr. Ayer first became registered in the securities industry in 2008. He was most recently registered with Beverly Hills, CA based Hilltop Securities Inc. (CRD # 6220) from August 2019 to July 2020. His prior registrations include Oppenheimer & Company, Inc. (CRD # 249) from March 2014 to May 2017, and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD # 7691) from September 2011 to March 2014.
FINRA’s Allegations Against Dennis Ayer
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated January 28, 2022, Mr. Ayer consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “On December 2, 2021, FINRA sent a request to [Mr. Ayer] for on-the-record testimony pursuant to FINRA Rule 8210 in connection with FINRA’s investigation into the suitability of certain investment recommendations [Mr.] Ayer made to customers while he was registered with FINRA”;
- “As [Mr.] Ayer stated in an email to FINRA on January 5, 2022, during his phone call with FINRA on January 6, 2022, and by this agreement, [Mr. Ayer] acknowledges that he received FINRA’s request and will not appear for on-the-record testimony at any time”; and
- By refusing to appear, Mr. Ayer violated FINRA Rule 8210 regarding responding to information requests and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Bars Dennis Ayer from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s January 28, 2022 AWC also indicates that Mr. Ayer consented to the following sanction(s):
- A bar from associating with any FINRA member in all capacities.
Dennis Ayer Has A History of Securities Industry Customer Complaints
In addition to Joseph Ayer being barred by FINRA from the securities industry after failing to cooperate in an investigation regarding suitability of recommendations to customers, FINRA BrokerCheck for Mr. Ayer reveals that he has a history of customer complaints and/or customer-initiated arbitrations including but not necessarily limited to the following:
- On October 21, 2019 a customer initiated an oral complaint against Mr. Ayer regarding alleged actions that occurred while he was associated with Integrated Advisors Network LLC (CRD # 171991), Oppenheimer and Merrill Lynch. The customer’s allegations included unsuitable investments. The customer further alleged damages in the amount of $5,200,000.00. On September 30, 2020 the complaint was settled in the amount of $394,142.09.
- On August 27, 2020 a customer initiated an action in the Los Angeles Superior Court naming Mr. Ayer as a defendant regarding alleged actions that occurred while he was associated with Integrated Advisors Network LLC, Oppenheimer and Merrill Lynch. The customer’s allegations included unsuitable investments. The customer further alleged damages in the amount of $784,147.00. On October 9, 2020 the action was settled in the amount of $43,407.00.
- On May 26, 2020 a customer initiated an arbitration naming Mr. Ayer as a respondent regarding alleged actions that occurred while he was associated with Integrated Oppenheimer and Integrated Advisors Network LLC d/b/a Penguin Capital Management. The customer’s allegations included failure to supervise, breach of fiduciary duty unsuitability and breach of contract. The customer further alleged damages in the amount of $1,950,000.00. On July 30, 2020 the arbitration was settled in the amount of $20,000.00.
If you or someone you know has or had a brokerage account with Dennis Phillip Ayer and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.