- September 15, 2018
- Spencer Edwards Inc
The Wolper Law Firm is currently investigating claims against Timothy Ayre, a former Financial Advisor at Spencer Edwards, Inc. in Agawam, Massachusetts. Timothy Ayre has been in the securities industry since the 1990s and previously worked at Jera Securities.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on September 11, 2018, FINRA filed an enforcement action against Timothy Ayre relating to the sale of shares in a cryptocurrency business he started without approval from his employing brokerage firm. This is among the first cryptocurrency enforcement actions brought by FINRA.
To review a full copy of the FINRA Complaint, click http://www.finra.org/sites/default/files/fda_documents/2016049307801%20Timothy%20Tilton%20Ayre%20CRD%202091556%20Complaint%20jm.pdf
In addition, Timothy Ayre was terminated by Spencer Edwards in 2016 for selling away after discovering that he had formed the cryptocurrency business without authorization and allegedly began offering it to brokerage firm customers.
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
To review a full copy of Timothy Ayre’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/2091556#disclosuresSection
If you or someone you know was a customer of Timothy Ayre 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 lawyer 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.