Haselkorn & Thibaut has opened an investigation into Miami financial advisor Dennis Herrera following recent FINRA sanctions related to excessive trading and unsuitable investment recommendations that allegedly caused substantial losses for retail customers.
Understanding the Recent FINRA Action Against Dennis Herrera
Table of Contents
In August 2025, the Financial Industry Regulatory Authority (FINRA) took disciplinary action against Dennis Herrera (CRD# 4618370), a Miami-based financial advisor who was registered with Aegis Capital, doing business as NuDay Capital. The regulatory action stems from allegations that Mr. Herrera recommended excessive and unsuitable trades to two retail customers, resulting in significant financial losses.
The FINRA Letter of Acceptance, Waiver, and Consent (No. 2022073724201) details concerning trading patterns in two customer accounts:
| Customer Profile | Commissions Generated | Realized Losses |
|---|---|---|
| 68-year-old plumber | $123,557 | $270,219 |
| 56-year-old oil and gas consultant | $34,943 | $88,760 |
As a result of these findings, FINRA determined that Mr. Herrera violated several important investor protection rules, including Regulation Best Interest and FINRA Rules 2111 and 2010. The sanctions imposed include:
- A six-month suspension from the securities industry
- A fine of $5,000
- Payment of $158,500 in restitution plus interest
Red Flags for Investors to Consider
The FINRA action against Dennis Herrera raises several important considerations for investors who may have worked with him or are evaluating their current financial advisor relationships. Understanding these warning signs can help protect your financial future.
Excessive Trading Activity: One of the primary concerns highlighted in the FINRA action was the high volume of trading in customer accounts. When commissions generated from trading activity represent a significant portion of an account’s value, it may indicate that trades are being made for the benefit of the advisor rather than the client.
Suitability Concerns: The customers affected were retail investors with specific profiles – a plumber and an oil and gas consultant. Investment strategies should always align with a client’s financial situation, risk tolerance, and investment objectives. When trading results in substantial losses while generating high commissions, it raises questions about whether the investments were suitable.
Commission-to-Loss Ratio: In both cases documented by FINRA, the realized losses significantly exceeded the commissions generated. This disparity suggests that the trading strategy may have prioritized transaction volume over investment performance.
Dennis Herrera’s Professional Background
According to FINRA records, Dennis Herrera has 20 years of securities industry experience. His registration history includes work with multiple firms:
- Aegis Capital (2016-2023) – doing business as NuDay Capital
- Laidlaw & Company
- Blackbook Capital
- Charles Vista
- John Thomas Financial
- Mercer Capital
- Hunter Scott Financial
- Park Capital Securities
- JP Turner & Company
Mr. Herrera holds three securities industry qualifying examinations: the Series 63, SIE, and Series 7. He is not currently registered with any state or firm as of August 21, 2025.
What This Means for Investors
If you invested with Dennis Herrera or NuDay Capital, it’s important to review your account activity carefully. Look for patterns of frequent trading, high commission charges, and investment losses. These may be indicators that your account was subject to similar trading practices.
Consider reviewing:
- Monthly and quarterly account statements
- Trade confirmations showing commission charges
- The frequency of buying and selling in your account
- Whether investments aligned with your stated goals and risk tolerance
- The overall performance of your account compared to relevant benchmarks
Understanding Your Rights as an Investor
FINRA’s action demonstrates that regulatory authorities take violations of investor protection rules seriously. Investors who have suffered losses due to excessive trading or unsuitable recommendations may have legal options available to recover their losses.
The securities industry operates under strict rules designed to protect investors. When these rules are violated, affected investors may be entitled to compensation through FINRA arbitration or other legal proceedings.
Taking Action to Protect Your Investments
If you believe you may have been affected by excessive trading or unsuitable investment recommendations, documenting your losses and seeking professional guidance promptly is crucial. The securities industry has specific time limits for filing claims, making timely action important.
Haselkorn & Thibaut (investmentfraudlawyers.com) is a national investment fraud law firm with over 50 years of experience helping investors recover losses. With a 98% success rate and millions recovered for clients, the firm operates on a “no recovery, no fee” basis, meaning you don’t pay unless they successfully recover funds for you.
Don’t wait to explore your options. If you invested with Dennis Herrera, Aegis Capital, or NuDay Capital and experienced significant losses, you may be entitled to recover your investments. Contact Haselkorn & Thibaut today at 1-888-885-7162 for a free consultation to discuss your situation and learn about your legal rights. Their experienced team can review your account activity, assess potential claims, and help you understand the best path forward to recover your losses.
