Mario Payne Allegedly Concentrated Investments
Mario Payne (CRD# 5445757), formerly a broker registered with Raymond James, is involved in multiple disputes alleging that he recommended unsuitable, concentrated investments. MDF Law is investigating the Jacksonville, Florida-based TOAMS Financial adviser for similar conduct. If you have concerns about investments in your accounts, call for a free consultation about your options.
Continue reading this post to learn more about the disputes involving Mr. Payne. The information below is sourced from his BrokerCheck profile, a Financial Industry Regulatory Authority record examined on December 6, 2024.
Pending Disputes Seek 7-Figure Damages
Four parties of investors filed disputes involving Mr. Payne in 2024. All four claims allege that he “improperly engaged in a high-risk, illiquid, complex, and unsuitable investment strategy.” This strategy, according to the allegations, concentrated the investors’ accounts in structured products, including structured notes. Additionally, the claims allege that he misrepresented the investments “as safe, guaranteed, and insured.” These disputes, which are still pending, cumulatively seek alleged damages of $8.6 million.
What Is Concentration?
Concentration, also known as failure to diversify, describes a broker’s allocation of a significant portion of an investor’s portfolio in a single security or asset class. “It’s not always easy to tell when your portfolio is exposed to concentration risk,” FINRA explains. “This is especially true of portfolios that contain complex investments.”
Much like placing too many eggs in one basket, concentration exposes an investor to the risk of substantial losses if the security or asset class experiences a downturn. That’s why FINRA recommends investors diversify their holdings across asset classes, regularly rebalance their portfolios, and make sure that their mutual funds or ETFs aren’t overly concentrated.
TOAMS Financial’s Philosophy
As his BrokerCheck profile reflects, Mr. Payne is the owner and chief compliance officer of TOAMS Financial. This firm’s website features a page outlining its philosophy and specialties, including college planning and investment management. “We conduct meticulous market research to ensure you are in good hands no matter what life throws your way,” the page reads. “Our philosophy as financial planners is to generate lifelong wealth while making investing simple.”
FINRA: Mario Payne Based in Jacksonville, Florida
Mr. Payne set off his career as a broker when he registered with Edward Jones in 2007. He remained at the firm until 2013, when he departed for Raymond James. He worked at Raymond James’ office in Jacksonville, Florida until his departure in 2019. Since then, he has been registered as an investment adviser with TOAMS Financial in Jacksonville, Florida. With 16 years of experience as an adviser, he has completed four industry exams, including the Series 7 and the Series 66.
Speak to a Broker Fraud Attorney Today
MDF Law’s experienced attorneys have recovered more than $100 million in lost funds for the victims of broker fraud. If you have complaints about investments recommended by Mario Payne, contact us to discuss your circumstances. We provide free consultations across the US, and we take cases on a contingency basis: clients only pay a fee if they collect a recovery. You may have a limited time to file a claim, so we urge you to avoid delay. Call 800-767-8040 to chat with an attorney today.