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Tom Paine: Suitability Complaint Against Paine Financial Advisor
Arroyo Grande, California financial advisor Tom Paine (CRD# 2285372) recently received an investor complaint alleging he recommended unsuitable alternative investments. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Centaurus Financial, doing business as Paine Financial Services.
Mr. Paine’s BrokerCheck report discloses one recent investor complaint. Filed in December 2023, it alleges that as a representative of Centaurus Financial, he made unsuitable recommendations involving “various illiquid alternative investments.” The pending complaint alleges unspecified damages.
In a statement included with the complaint’s disclosure, Mr. Paine “strongly” denies the allegations, describing them as “completely without merit.” He states further that the investments “were suitable and were recommended based on the customer’s objectives, goals and financial circumstances,” adding that the customer confirmed that they understood the risks involved. “At all times, I put the customer’s interest first” he concludes, “and I will vigorously defend this matter to the fullest extent of the law.”
Paine Financial Services’ website includes a page describing the firm’s mission to provide its clients with “quality advisory and planning services” and to place their interests first. “We will always be independent in our thinking, not allowing anything to mar the trust and good will we strive to create with our clients,” it states. Its “Philosophy of Investing” page, meanwhile, describes its rules-based approach. “We utilize investment strategies designed to provide the opportunity for growth while at the same time attempting to provide some protection from a long term down-trending market,” it explains. “While there is risk of losing money, we attempt to reduce that risk.”
According to the Financial Industry Regulatory Authority, Tom Paine holds 31 years of securities industry experience. Based in Arroyo Grande, California, he has been a broker and an investment advisor with Centaurus Financial since 2006 and 2011, respectively, doing business as Paine Financial Services. His registration history includes Carey James & Associates, G-W Brokerage Group, Monterey Bay Securities, and Jackson National Financial Services. His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Direct Participation Programs Representative Examination, or Series 22; the Corporate Securities Limited Representative Examination, or Series 62; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Alaska, California, Connecticut, Florida, New Mexico, Oregon, and Texas. (Information current as of January 21, 2024.)
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