Bel Aire man faces state securities fraud charges

The Kansas Securities Commissioner has filed criminal charges against Dennis D. Bailey, 65, of Bel Aire for multiple violations of the Kansas Uniform Securities Act.

The criminal complaint alleges that Bailey, a former financial adviser, defrauded seven people in Sedgwick, Butler and Reno counties by selling securities in an entity called Legacy Capital with a resulting loss of more than $700,000. Bailey was charged with 39 felony counts of securities fraud and selling unregistered securities.

“From our investigation we do not believe those securities existed and that the money was not used for investment purposes,” said Jeff Kruske, general counsel for the Kansas Securities Commission.

Bailey was arrested Wednesday and released in lieu of $100,000 bail Thursday morning.

If found guilty, Bailey could face up to 55 months in jail, as well as fines and restitution, according to the agency.

Kansas Securities Commissioner Josh Ney encouraged Kansans who have had financial dealings with Bailey to contact the commission 785-296-3307 or

Efforts to reach Bailey were unsuccessful.

In 2009, Bailey, then reportedly living in Highland Ranch, Colo., and Lance Scida of Wichita were banned by the Finance Industry Regulatory Authority from selling securities or associating with anyone in the business. At the time, they were accused of making unsuitable recommendations to customers to buy and sell collateralized mortgage obligations.