William Hayes Barred from the Securities Industry Following Alleged Sales of Questionable Promissory Notes
William Alber Hayes, formerly associated with Spyglass Securities, LLC, is barred from the securities industry by the Financial Industry Regulatory Authority (“FINRA”) relating to allegations that Hayes failed to perform adequate due diligence in connection with the sale of promissory notes and allegations that Hayes recommended unsuitable investments.
The Peiffer Rosca securities practice attorneys Joe Peiffer and Jason Kane are investigating the matter.
Hayes, from October 2010 through August 2011, sold 10 promissory notes totaling more than $500,000 to eight of his investment advisory clients, three of whom were also brokerage customers, according to FINRA. Hayes failed to perform adequate due diligence in connection with the promissory notes, and accordingly failed to learn of, or disclose, material adverse facts relating to the notes, according to FINRA.
The notes sold to Hayes’ brokerage customers were also unsuitable because Hayes did not have a reasonable basis to recommend the notes, according to FINRA. Hayes also violated FINRA rules by providing guarantees for some of the notes, however, he failed to disclose that he would be unable to honor the notes due his financial circumstances, according to FINRA.
Hayes consented to being barred from the securities industry by FINRA without denying or admitting FINRA’s findings.
The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.