William Hayes Barred from the Securities Industry Following Alleged Sales of Questionable Promissory Notes

Stockbroker fraud lawyerWilliam 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 Alan Rosca 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, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1225 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.