Bankruptcy

FINRA

Respondent Ayre failed to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Letter

Suspension

All Capacities

Indefinite

Continues until required payment is made or discharged.

6/12/2023

Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554, Respondent Ayre is suspended on June 12, 2023 for failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.

Claimants assert claims of breach of fiduciary duty and negligence relating to concentrated investment in Foresight Energy LP stock. From 9/18/2014 to 5/1/2017.

$300,000.00

$322,648.35

FINRA

Without admitting or denying the findings, Ayre consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation into the suitability of certain investment recommendations he made to customers while he was registered with FINRA.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

Indefinite

1/28/2022

Claimants assert claims of unsuitability, negligence, negligent and intentional misrepresentation and omission, fraud, control person liability, respondent superior, breach of fiduciary duties, failure to supervise, failure to warn, violations of California securities laws, violation of FINRA Rules, breach of contract, loss of investment opportunity and rescission, relating to purchase and concentration of Foresight Energy, LP stock in the accounts. From 3/1/2014 to 9/30/2019.

$5,480,902.73

$650,000.00

Claimants assert claims of breach of fiduciary duty and negligence relating to concentrated investment in Foresight Energy LP stock. From 9/18/2014 to 5/1/2017.

$300,000.00

$322,648.35

Claimant's claims against Respondent were originally brought in FINRA Arbitration Case 20-04139 ("Original Case"). On March 6, 2023, Claimant opted to proceed against Respondent pursuant to Rule 12801 of the Code. The claims against Respondent were therefore bifurcated from the Original Case. This award has not been paid by or on behalf of Ayre as of June 12, 2023. The award against Dennis Ayre was stayed through U.S. Bankruptcy Court Central District of California, Case #1:23-bk-10828-VK.

Suitability, concentration in Foresight Energy, LLC. To 2014-2017 ( at Oppenheimer) ; thereafter , at Integrated Advisor Network

$25,000.00

Investment service suitability, excessive concentration and risk

$800,000.00

$77,000.00

Unsuitable investments

$784,147.00

$43,407.46

Unsuitable recommendations, misrepresentation

$775,000.00

$20,000.00

CLAIMANTS ASSERT CLAIMS OF FAILURE TO SUPERVISE, BREACH OF FIDUCIARY DUTY, RESPONDEAT SUPERIOR, UNSUITABILITY, BREACH OF CONTRACT, VIOLATIONS OF CALIFORNIA SECURITIES LAWS, VIOLATION OF FINRA RULES, FRAUD AND OTHER COMMON LAW CLAIMS RELATING TO PURCHASES OF CERTAIN STOCKS AND BONDS OF ENERGY COMPANIES, AS WELL AS SEARS COMMON STOCK. FROM 3/1/2014 TO 5/1/2017

$1,950,000.00

$20,000.00

Excessive risk relative to client stated objective

$52,058.00

$20,823.06

That Mr. Ayre while acknowledging evasion of compliance, sent an email through a private email domain that personally issued a put option to the client to guarantee a return on a portfolio position.

$814,356.00

Unsuitable Investments

$44,000.00

Unsuitable investments

$5,200,000.00

$394,142.09

Investment advice suitability; excessive risk and strategy deviation

$11,472,671.00

$604,000.00