March 2019- Charlotte, N. Carolina
According to FINRA records, Dennis Allen Hayes , a stock broker who is not currently registered and who formerly worked for Newbridge Securities Corp. , discloses a pending regulatory investigaton, 2 pending and 4 prior final customer disputes, and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 1/2019 FINRA initiated a regulatory investigation in which the regulator alleges that Hayes recommended that customers of Newbridge Securities purchase securities from privately held companies without notice to his firm. The complaint alleges that the principal of the companies was a friend of Hayes’ family and that Hayes received a payment of $130,000.
In recently resolved FINRA Case 17-3125, a customer of Newbridge Securities alleged that they were sold unsuitable securities. That case was settled in 10/2018 for $760,000.
In FINRA Case 16-02002, a customer of Newbridge Securities alleged that they were sold unregistered securities. That case was settled in 8/2017 for $120,000.
In FINRA Case 16-0899 a customer of Newbridge Securities alleged fraud, misrepresentation and violations of the N. Carolina Securities Act. The case was settled in 7/2016 for $12,500.
The pending cases include:
- FINRA Case 17-2853. A Newbridge Securities customer seeks damages of $650,000 and alleges that Hayes recommended unsuitable investments in promissory notes and private placements. The customer also alleges that Hayes engaged in unauthorized transactions.
- A pending customer complaint involving a promissory note which seeks damages of $66,246.
Hayes was employed by Newbridge Securities from 2/2010-9/2016. In 9/2016 he was “permitted to resign” from Newbridge who made the following allegation on Hayes’ FINRA record: “He was permitted to resign based on two issues, first the firm has an open internal review regarding a customer complaint that evolved into an arbitration for possible selling away and private securities transactions. Second, had little or no production in the last 12 months.”
Hayes discloses business affiliations with Dennis A Hayes, CPA, and Dennis A. Hayes Financial Services in Charlotte. He was employed briefly by Salomon Whitney Financial during 4/2017.
If you have questions about losses an account handled by Dennis A. Hayes , call for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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