Mario Payne: TOAMS Financial Advisor Faces 7-Figure Complaints

Jacksonville, Florida financial advisor Mario Payne (CRD# 5445757) has received multiple investor complaints alleging that he recommended unsuitable and concentrated investments. Financial Industry Regulatory Authority and Securities and Exchange Commission records show that the former Raymond James broker is registered as an investment advisor with TOAMS Financial.

Mr. Payne’s BrokerCheck report discloses two recent investor complaints. Both filed in September 2024, they allege that as a representative of Raymond James, he “improperly engaged in a high-risk, illiquid, complex, and unsuitable investment strategy” that concentrated the customers’ accounts in structured products, and that he misrepresented the products as “safe, guaranteed, and insured.” One pending complaint seems damages of $3.6 million, while the other seeks damages of $2 million.

TOAMS Financial’s website includes a profile of Mr. Payne that describes his background and experience. “In 2013, Mario started his own investment firm,” it states. “The meaning of TOAMS is Tithe Offering Alms Means Stewardship. He has built his SEC registered firm on the premise of helping clients while ‘Making Investing Simple.’”

Elsewhere, the firm’s “About Us” page describes its approach to working with clients. “Each financial advisor creates a customized plan for you and your unique goals and aspirations,” it explains. “We conduct meticulous market research to ensure you are in good hands no matter what life throws your way. Our philosophy as financial planners is to generate lifelong wealth while making investing simple.”

According to the Financial Industry Regulatory Authority and the Securities and Exchange Commission, Mario Payne holds 16 years of securities industry experience. Based in Jacksonville, Florida, he has been registered as an investment advisor with TOAMS Financial since 2019. His past registrations include Raymond James Financial Services and Edward Jones. His credentials include the passage of four 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; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Florida, Georgia, Tennessee, and Texas. (Information current as of October 28, 2024.)

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