Dennis Hayes was a New York-based securities broker. He worked in the securities industry for thirteen years. During his career, he was registered with eight different securities firms.
His registrations included; AAL Capital Management Corporation (2001-2002), Veravest Investments (2003), Equity Services (2003-2005), MML Investors Services (2005-2006), Capital Investment Group (2006-2009), NFP Securities (2009-2010), Newbridge Securities Corporation (2010-2016), and Salomon Whitney Financial (2017). He is no longer working as a registered securities broker in any fashion.
Dennis Hayes’ publicly available FINRA BrokerCheck report shows that he has received multiple customer complaints over the course of his career.
In August 2016, a customer alleged that Dennis Hayes participated in the sale of unregistered securities, breached his fiduciary duty, and made fraudulent misrepresentations. This case was settled for $120,000 in damages.
In June 2017, customers alleged that Hayes recommended unsuitable securities and executed unauthorized transactions in their accounts. This case was settled for $212,500 in damages.
In July 2017, more customers alleged that Hayes invested them in unsuitable securities. This case was settled for $30,000 in damages.
In December 2017, a customer alleged negligence and over-concentration in unsuitable investments. This case was settled for $760,000 in damages.
In April 2018, a customer alleged that he was improperly and negligently advised on several investments. This case is currently pending. The customer is seeking $66,246 in damages.
In November 2018, a customer alleged unsuitability, misrepresentations/omissions, negligence, violations of FINRA rules, and selling away. This case is also currently pending. The customer is seeking $500,000 in damages.
In January 2019, he was officially sanctioned by FINRA. The findings in this matter state that he took part in private securities transactions by recommending to investors, most of whom were member firm customers, to invest a grand total of $2.7 million in securities issued by privately held companies. After one of the companies filed bankruptcy, and the others ceased operations, the investors suffered losses of at least $2.3 million. Due to these alleged actions, Dennis Hayes was barred from acting as a securities broker in any fashion.
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 Hayes, please contact Oakes & Fosher for a free and private consultation.