Dennis Phillip Ayre of Los Angeles California a stockbroker formerly employed by Oppenheimer Co. Inc. has been identified in a customer initiated investment related arbitration claim which was resolved for $20,823.06 in damages on March 27, 2020 founded on accusations that the customer was placed into an investment management service which carried risks beyond that which the customer was willing to take while Ayre was employed by Oppenheimer, Merrill Lynch and Integrated Advisors Network LLC.
Financial Industry Regulatory Authority (FINRA) Public Disclosure indicates that Ayre has been identified in three more customer initiated investment related disputes pertaining to allegations of his misconduct while employed by Oppenheimer, Merrill Lynch and Integrated Advisors. In particular, on February 20, 2020, a customer filed an investment related complaint pertaining to Ayre’s conduct in which the customer requested $814,356.00 in damages supported by allegations of an improper put option being issued in order to guarantee a return relating to an investment management service. Ayre apparently admitted that he failed to comply with his responsibilities.
On March 11, 2020, a customer filed an investment related complaint in reference to Ayre’s conduct where the customer sought $1,472,671.00 in damages based upon accusations that the Oppenheimer and Merrill Lynch customer had been provided with bad investment advice from Ayre. The claim alleges that the customer had been placed into investments which failed to be appropriate given the customer’s risk tolerance. According to the claim, Ayre also deviated from the investment strategy that was initially selected for the customer’s account.
Another customer filed an investment related complaint on March 11, 2020 regarding Ayre’s conduct in which the customer requested $6,115,287.00 in damages based upon allegations of Ayre overconcentrating the customer’s assets in risky investments. According to the claim, the investment management service was in no way suitable for the Oppenheimer and Merrill Lynch customer.
Ayre’s employment with Oppenheimer was terminated on May 4, 2017. Since August 22, 2019, he has been employed by Hilltop Securities Inc.
