- July 12, 2018
- Newbridge Securities
The Wolper Law Firm is currently investigating claims against Dennis Hayes, a former Financial Advisor at Newbridge Securities Corporation and Salomon Whitney Financial in Melville, NY. Dennis Hayes first entered the securities industry in 2001 and has worked for a multitude of brokerage firms, NFP Securities, Capital Investment Group and MML Investors Services.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Dennis Hayes has six (6) customer complaints against him, including four pending complaints. This is an exceedingly high number of customer complaints to be filed against a single Financial Advisor.
- April 2018—“Client alleged he was improperly and negligently advised on several investments causing substantial losses in his accounts.” The matter is pending
- December 2017—“Claimant alleges negligence and concentration of unsuitable investments… The matter remains pending.
- July 2017—“Claimants allege they were invested in an unsuitable transaction and failure to supervise.” Alleged damages are $100,000.
- June 2017—“…Dennis Hayes recommended unsuitable securities and engaged in unauthorized transactions in the customer’s accounts.” Alleged damages are $650,000 and the matter remains pending.
In addition, in September 2016, Dennis Hayes was “permitted to resign” by Newbridge Securities for the following:
“HE WAS PERMITTED TO RESIGN BASED ON TWO ISSUES. FIRST, THE FIRM HAS AN OPEN INTERNAL REVIEW REGARDING A CUSTOMER COMPLAINT THAT EVOLVED INTO A ARBITRATION FOR POSSIBLE SELLING AWAY AND PRIVATE SECURITIES TRANSACTIONS. SECOND, HAD LITTLE OR NO PRODUCTION IN THE LAST 12 MONTHS.”
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Dennis Hayes, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyers who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. His industry insight, experience and knowledge gives his clients a competitive advantage