Last Updated: January 2024 (Arroyo Grande, CA)
Centaurus Financial Investigation Summary
Here’s what you need to know about Arroyo Grande, CA, stockbroker Thomas Paine:
- Name: Mr. Thomas B. Paine
- Current Employer: Centaurus Financial
- DBA: Paine Financial Services
- Previous Firms: Carey James & Assoc. , G-W Brokerage Group
- Function: Stock Broker/ Financial Advisor/ Registered Investment Advisor
- Aliases: Tom Paine
- Primary Location: Arroyo Grande, CA
- CRD 2285372
- Can Tom Paine be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Pending Customer Dispute Over Alternative Investments Seeks Damages of Unspecified Amount
Alternative Investments: These are assets that are not stocks, bonds or cash. Alternative investments generally fall within five categories: hedge funds, private capital, natural resources (oil and gas, energy), real estate (REITs) and infrastructure. They are typically less liquid that conventional investments, less regulated with higher fees and generally higher risk. For more investigations involving Alternative Investments, see this.
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Centaurus Financial As Your Stockbroker?
In 12/2023 a customer of Centaurus Financial filed a FINRA arbitration alleging ath Tom Paine recommended unsuitable investments in illiquid alternative investments. No damage amount is specified yet in this currently pending matter.
See this for more information on REITs and Other Alternative Investments
Allegations of Broker Misconduct Against Centaurus Financial
A customer of Tom Paine has alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to purchase illiquid alternative investments
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer. FINRA Rule 2111- suitability
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Recover Your Investment Losses Now With Rex Securities Law
Other investigations of Centaurus Financial brokers
If you have suffered investment losses in an account handled by Tom Paine, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
