The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Dennis Ayre. According to his publicly available FINRA BrokerCheck report, Dennis Ayre has been the subject of multiple customer disputes over the course of his career.

Dennis Ayre is a California-based securities broker who has worked in the securities industry for nine years. During his career, he has been registered with five different securities firms.

His Registrations 

  • First Republic Securities Company (2008-2008)
  • Wells Fargo Advisors (2008-2011)
  • Merrill Lynch, Pierce, Fenner & Smith (2011-2014)
  • Oppenheimer & Co. (2014-2017)
  • Hilltop Securities (2019-Present)

The Allegations 

  • In March 2020, a customer alleged that Dennis Ayre sent an e-mail through a private e-mail domain that personally issued a put option to the client to guarantee a return on a portfolio position. This case is currently pending, and the customer is seeking $814,356 in damages.
  • In March 2020, a customer alleged that Ayre had recommended unsuitable investments in both excess risk and strategy deviation. This case is currently pending, and the customer is seeking $1,472,671 in damages.
  • In March 2020, a customer alleged that Dennis Ayre had recommended excessively concentrated, high-risk, and otherwise unsuitable investments. This case is currently pending, and the customer is seeking $6,115,287 in damages.
  • In April 2020, a customer alleged that Ayre had recommended investments with excessive risk relative to the customer’s stated investment objectives. This case was settled for $20,823 in damages.

What Does This Mean?

Securities brokers have an obligation to their customers to always look out for their best financial interests. This obligation is the broker’s duty as a fiduciary. One important aspect of this duty is making sure their customers’ portfolios are properly diversified in a manner suitable to them.  For example, investors with more conservative investment objectives should not have their accounts concentrated in high-risk investment options.  Investors set investment objectives for a reason, and they are typically dependent on the investor’s own financial situation.  If their account is traded in a way that is incongruent with their financial situation it can put the customer at risk. Securities firms who employ brokers who execute trades in this manner are liable for their registered broker’s actions.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money due to this fraud or negligence may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Dennis Ayre, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.