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Foresight Energy Complaints Against Beverly Hills Rep Dennis Ayre

Former Hilltop Securities stockbroker Dennis Ayre (CRD# 5365176) has been named in an investor complaint alleging $5 million in losses. The securities professional was previously based in Beverly Hills, California, according to Financial Industry Regulatory Authority records. He is not currently registered as a broker or as an investment adviser. 

There are currently four pending investor complaints against Dennis Ayre, according to his BrokerCheck report. All concern his conduct as a representative of Oppenheimer & Company, Integrated Advisors Network, and/or Hilltop Securities. The most recent complaint was filed in July 2021 and alleges he recommended unsuitable investments, acted negligently, misrepresented and omitted material facts, committed fraud, breached his fiduciary duty, failed in his supervisory duties, breached contract, and violated FINRA rules with regard to investments in Foresight Energy LP stock. The pending complaint alleges damages of $5,480,902.73.

Three other complaints filed in July 2021 details similar allegations relating to investments in Foresight Energy LP, including breach of fiduciary duty, negligence, breach of contract, and supervisory failures. The pending complaints allege aggregate damages exceeding $1 million.

Records also list seven complaints against Dennis Ayre that reached settlements of varying amounts. 

A complaint filed in 2019, for instance, alleged he recommended unsuitable investments while at Integrated Advisors Network, Oppenheimer & Company, and Merrill Lynch. The complaint reached a settlement in September 2020 of $394,142.09.

Another complaint filed in 2020 alleged that while at Oppenherim & Company and Integrated Advisor Network, he recommended unsuitable and over-concentrated investments in Foresight Energy LLC. The complaint reached a settlement in February 2021 of $25,000.

Another 2020 complaint alleged that while he was a representative at Oppenheimer & Integrated Advisor Network, Ayre failed in his supervisory duties, committed fraud, violated California securities law, and breached contract with regard to investments in stocks and energy bonds. In 2021 the complaint reached a settlement of $20,000.

A complaint filed in 2019 alleged that while he was at Merrill Lynch, Oppenheimer, and Integrated Advisors Network, he recommended an unsuitably risky product. The complaint reached a settlement of $20,832.06.

A similar 2019 complaint—alleging unsuitable advice, excessive risk, and “strategy deviation while at the same three firms—reached a settlement in 2020 of $604,000. A complaint filed in 2020 detailing the same allegations reached a settlement of $77,000.

According to Financial Industry Regulatory Authority records, Dennis Ayre holds nine years of securities industry experience. His registration history includes Hilltop Securities in Beverly Hills, California, Oppenheimer & Company in Los Angeles, California, Merrill Lynch in Beverly Hills, California, Wells Fargo Advisors in Los Angeles, California, and First Republic Securities in Los Angeles, California. He is not currently registered as a broker or as an investment adviser. He has passed the Uniform Securities Agent State Law Examination, the Uniform Investment Adviser Law Examination, the Securities Industry Essentials Examination, and the General Securities Representative Examination. His records currently list no state licenses. (Information current as of November 14, 2021.)

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