Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Tim Ayre: FINRA Bars Four Points Capital Broker; Rocky Mountain Ayre Allegations
A disciplinary action taken by the Financial Industry Regulatory Authority against former New York, New York broker Tim Ayre (CRD# 2091556) barred him over allegations he made misrepresentations and omissions during an unregistered securities offering. A former representative of Four Points Capital Partners, Ayre was indefinitely barred from acting as a broker or otherwise associating with a broker-dealer firm as a result of these findings.
According to an order accepting an offer of settlement (No. 2016049307801) dated April 2019, Tim Ayre had been named in a FINRA complaint alleging he endeavored to “attempted to attract public investment in his worthless public company by making material misstatements” in company filings, as well as by “creating, offering, and selling” to the public cryptocurrency securities that were not registered. FINRA’s complaint alleged that Ayre was president and a major shareholder of the company, Rocky Mountain Ayre, and as such was solely responsible for its public disclosures. The complaint alleged further that he “defrauded investors” by creating disclosures and financial statements for Rocky Mountain Ayre that contained “material false or misleading statements and omissions.” For example, according to the complaint, he made erroneous statements about the company’s business “in nearly every Pink Market disclosure it made” during the period question, and also allegedly “failed to disclose the terms of a material transaction regarding RMTN’s creation of a cryptocurrency security” backed by 500 million shares in the company’s common stock. He was also allegedly behind a number of erroneous statements concerning the company’s cash and assets.
FINRA’s complaint went on to say that Ayre offered and sold registered cryptocurrency securities in violation of securities law and FINRA rules. The cryptocurrency in question was known as HempCoin; according to FINRA, Rocky Mountain Ayre acquired its rights in 2015 and “repackaged it as a security,” issuing and reserving 500 million common stock shares and marketing HempCoin as “the world’s first currency to represent equity ownership.” However, according to FINRA, HempCoin was not registered with the Securities and Exchange Commission and its sales were not exempt from registration. According to FINRA, Tim Ayre “was a necessary participant” in HempCoin’s allegedly unlawful sales, and as such his activities violated FINRA rules and securities law. The complaint states additionally that he engaged in $205,100 in sales of Rocky Mountain Ayre convertible debt, as well as other transactions “involving more than five hundred million shares” of the company’s common stock, but did not disclose any of these transactions to his member firm, constituting violations of NASD and FINRA Rules. In connection with this conduct, Ayre was barred acting as a broker or otherwise associating with a broker-dealer firm.
Tim Ayre is not currently registered as a broker. His employment history includes Four Points Capital Partners in New York, New York, Spencer Edwards, Jera Securities, Northeast Securities, AG Edwards & Sons, and Merrill Lynch. He currently holds no state registrations and has passed six securities industry qualification examinations.