Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 25, 2017 indicate that former New York-based Salomon Whitney Financial broker/adviser Dennis Hayes is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Hayes (CRD# 4403550).
Dennis Hayes has spent thirteen years in the securities industry and was most recently registered with Salomon Whitney Financial in Melville, New York (2017). Previous registrations include Newbridge Securities in Boca Raton, Florida; NFP Securities in Charlotte, North Carolina; Capital Investment Group in Charlotte, North Carolina; MML Investors Services in Charlotte, North Carolina; Equity Services in Montpelier, Vermont; Veravest Investments in Worcester, Massachusetts; and AAL Capital Management in Minneapolis, Minnesota. He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination); Series 7 (General Securities Representative Examination); and Series 6 (Investment Company Products/Variable Contracts Representative Examination). He is currently not registered with any state or firm.
According to his BrokerCheck report, he has received one customer complaint and one pending customer complaint, and resigned from a former employer.
In September 2016 he was “permitted to resign” from his position at Salomon Whitney Financial following allegations of selling away and private securities transactions, as well as the fact that he “had little or no production in the last 12 months,” according to the firm.
In 2016 a customer alleged Dennis Hayes, while employed at Newbridge Securities, breached his fiduciary duty, made misrepresentations and omissions of material facts, sold unregistered securities, and failed in his supervisory duties. The customer is seeking $750,000 in damages in the pending complaint.
In 2016 a customer alleged Dennis Hayes, while employed at Newbridge Securities, made misrepresentations or omissions of material facts, violated state securities law, and committed fraud. The complaint settled in for $12,500.
“Selling away” denotes the purchase, solicitation, or sale by a broker of securities not offered by their member firm. These transactions are typically also not included in the firm’s official records. FINRA rules as well as federal securities law prohibit selling away. Specifically, FINRA Rule 3040 stipulates that “No person associated with a member shall participate in any manner in a private securities transaction” unless the transaction complies with numerous terms, including written authorization from the member firm. Brokers and firms who engage in selling away may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with Dennis Hayes, you may be entitled to recoup your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.