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Donna Payne: Montecito Financial Advisor Faces $40K Complaint
Summerland, California financial advisor Donna Payne (CRD# 1007323) allegedly made an improper investment recommendation, according to a recent investor complaint. Records provided by the Financial Industry Regulatory Authority show that she is a broker and an investment advisor with Centaurus Financial, with her website describing her as the founder of Montecito Financial Services.
Ms. Payne’s BrokerCheck report discloses two investor complaints. The most recent, filed in July 2023, alleges that as a representative of Centaurus Financial, she “improperly recommended a high-risk and illiquid investment.” The pending complaint alleges damages of $40,000.
In a statement included with the pending complaint’s disclosure, Mr. Payne wrote that she “vehemently” denied the allegations, which she described as meritless. “The investments about which the customers complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after their review of all material documentation related to the investment,” she added. “At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”
An earlier investor complaint, filed in 2000, alleged that as a Painewebber representative, she misrepresented facts relating to a variable annuity transfer. In 2001 the complaint reached a settlement of $4,750.
According to the Financial Industry Regulatory Authority, Donna Payne holds 41 years of securities industry experience. Based in Summerland, California, she has been a broker and an investment advisor with Centaurus Financial since 2010. She is the founder of Montecito Financial, according to the firm’s website. Her past registrations include VSR Financial Services (Santa Barbara, California; 2009-2010), Sorrento Pacific Financial (Santa Barbara, California; 2009), Partnervest Securities (Santa Barbara, California; 2004-2009), AG Edwards & Sons (Santa Barbara, California; 2001-2004), UBS Painewebber (Weehawken, New Jersey; 1990-2001), Lehman Brothers (New York, New York; 1988-1990), and EF Hutton & Company (1981-1988). His credentials include the passage of five securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in California, Florida, Georgia, Idaho, Indiana, Maryland, Michigan, Nevada, Oregon, Washington, and Wisconsin. (Information current as of July 30, 2023.)
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