Dennis Phillip Ayre, of Van Nuys, California, continues to draw customer complaints in Financial Industry Regulatory Authority (“FINRA”) arbitration. Mr. Ayre’s FINRA BrokerCheck Report reveals that he is currently the subject of seven customer disputes totaling nearly $10 million in claimed losses.

The complaints allege that Mr. Ayre made unsuitable investments involving excessive risk and used a private e-mail account to communicate with customers to evade compliance oversight while offering the customers a personal put option on certain investments.

Some of the complaints focus on Mr. Ayre’s recommendation of investments in Foresight Energy, LP (“FELP”), a coal mining partnership which filed for Chapter 11 bankruptcy earlier this year. FELP’s stock has become essentially worthless after trading at over $4.00 per share as recently as 2018.

The Frankowski Firm represents the claimants in one of the pending arbitration claims against Mr. Ayre, as discussed in this space earlier this year. Those claimants allege that Mr. Ayre, while working as a registered agent of Oppenheimer & Co., Inc., Integrated Advisors Network, LLC, and Penguin Capital Management, engaged in fraud and unauthorized trading, overconcentrating the claimants’ stock positions in FELP stocks and bonds.

Similar to other pending claims, the Frankowski Firm’s clients allege that Mr. Ayre gave them a guaranteed put option to convince them to hold their FELP positions. Mr. Ayre is alleged to have communicated this option via a private e-mail account to avoid his firm’s supervisor and failed to honor the option.

Mr. Ayre’s SEC report shows that he is still employed with Hilltop Securities, Inc., in Beverly Hills, California, though it also states that his registration with Hilltop ended on July 6, 2020.

If you or someone you know lost money as a customer of Dennis Ayre, Penguin Capital Management, Hilltop Securities, Integrated Advisors Network, or Oppenheimer & Co., please call the Frankowski Firm at 888.741.7503 or fill out this contact form.