Dennis Phillip Ayre of Beverly Hills California a stockbroker formerly registered with Oppenheimer Company Inc. is referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer sought $300,000.00 in damages based upon allegations that the customer’s assets had been overconcentrated by Ayre in Foresight Energy LP stock between September of 2014 and May of 2017. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-04139 (Dec. 31, 2020). The claim alleges negligence and breach of fiduciary duty as it pertained to Ayre’s activities while registered with Penguin Asset Management and Oppenheimer.
FINRA Public Disclosure confirms that Ayre has been identified in 10 additional customer initiated investment related disputes containing accusations of his violative actions while employed by securities broker dealers including Merrill Lynch Pierce Fenner Smith, Oppenheimer and Integrated Advisors Network LLC. On March 27, 2020, a customer initiated investment related complaint involving Ayre’s conduct was settled for $20,823.06 in damages supported by accusations of an investment management service failing to meet the customer’s investment objectives and risk tolerance.
Ayre is also the subject of a customer initiated investment related FINRA securities arbitration claim where the customer requested $1,950,000.00 in damages founded on allegations including California securities law violations and securities fraud as it pertained to the customer’s investments in oil and gas securities and corporate debt. FINRA Arbitration No. 20-01416 (May 26, 2020). According to the claim, a contract between the customer and the securities broker dealer had been breached. The claim also alleges breach of fiduciary duty and unsuitability.
On August 7, 2020, another customer filed an investment related arbitration claim involving Ayre’s activities in which the customer sought $775,000.00 in damages based upon allegations of the customer being invested in misrepresented FELP investments between 2016 and 2017. FINRA Arbitration No. 20-02310. According to the claim, Ayre breached a fiduciary duty to the customer when he was associated with Pershing Advisor Solutions, Hilltop Securities and Oppenheimer. The claim also alleges negligence by the stockbroker.
Ayre is referenced in a different customer initiated investment related civil action which settled for $43,407.46 in damages founded on accusations of unsuitability as it pertained to an investment management service through Ayre at Merrill Lynch, Oppenheimer and Integrated Advisors Network. Los Angeles Superior Court Case No. 20GDCV00700 (Oct. 9, 2020). On November 30, 2020, another customer initiated investment related civil action involving Ayre’s conduct was settled for $77,000.00 in damages supported by allegations that Ayre caused the customer’s account to be overconcentrated in excessively risky investments. Los Angeles Superior Court Case No. 20GDCV00700.
Ayre is also the subject of a customer initiated investment related civil action which was settled for $25,000.00 in damages based upon accusations of unsuitable Foresight Energy LLC transactions while Ayre was registered with Integrated Advisors Network and Oppenheimer. FINRA Arbitration No. 20-00700 (Feb. 1, 2021).
Ayre’s registration with Oppenheimer has been terminated on May 4, 2017.