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Jeffrey Payne: Centennial Rep Has Private Placement Complaint
Jeffrey Payne (CRD# 5102488), an LPL Financial representative, is involved in an investor dispute alleging he made unsuitable investment recommendations. According to the Financial Industry Regulatory Authority, he is a stockbroker located in Centennial and Pueblo, Colorado. He is also registered as an investment adviser with GPS Wealth Strategies in Centennial.
Mr. Payne’s BrokerCheck report describes one pending investor complaint. Filed in 2021, it alleges that as a representative of LPL Financial, he recommended unsuitable investments in “non-traded real estate investment trusts and business development corporations.” The complaint alleges further that he “misrepresented these investments as a way to safely invest while receiving consistent income.” The pending complaint alleges damages of $225,000.
In a statement included on his BrokerCheck report’s disclosure about the pending complaint, Mr. Payne denied the allegations. “Claimants specifically solicited recommendations of alternative investments,” he wrote. “When I recommended these and other investments in November 2014, I had lengthy conversations with the clients during which I explained the risks and the benefits and provided them with written materials further explaining these investments. Following those initial discussions, the clients decided that the alternative investments fit within their overall portfolio but were not interested in any of the other investments we discussed.” In conclusion, he wrote that although he is “not personally named” in the matter, he plans to assist LPL Financial in its defense against the allegations.
According to the Financial Industry Regulatory Authority, Jeffrey Payne holds 16 years of securities industry experience. He is registered as a stockbroker and investment adviser with LPL Financial in Centennial, Colorado. His past registrations include LPL Financial (Boulder, Colorado; 2009-2022) and Ameriprise Financial Services (Denver, Colorado; 2006-2009). His credentials include the passage of three securities industry examinations: the Uniform Combined State Law Examination, or Series 66; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He holds 26 state licenses. (Information current as of March 14, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.