Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Thomas Benjamin Paine (also known as Tom Paine) [CRD#: 2285372, Arroyo Grande, California]. Paine has worked in the securities industry for 32 years and is currently registered with Centaurus Financial Inc. in Arroyo Grande, California. He has been with this firm since May 5, 2006.
Recent disclosures reveal concerns about Paine’s conduct, including allegations of recommending unsuitable investments to clients.
On December 19, 2023, a client of Centaurus Financial Inc. filed a client dispute against Thomas Paine, alleging that he recommended unsuitable investments and investment strategies in various illiquid alternative investments. The allegations did not specify exact dates of the alleged misconduct.
On December 27, 2024, Centaurus Financial Inc. settled the case for $10,000. Paine denied any wrongdoing and asserted that the client's allegations were without merit. However, he stated that the firm settled unilaterally, without his agreement, and he did not contribute financially to the settlement.
On September 9, 2013, another client of Centaurus Financial Inc. alleged that investments purchased in 2011 and 2012 from the proceeds of an annuity were unsuitable. However, the firm denied the complaint. Paine maintained that the allegations were without merit and that the client’s daughter, acting under power of attorney, refused to discuss the investments before filing the complaint.
Looking for more information about Thomas Paine? If so, reach out to Soreide Law Group online or at (888) 760-6552 to speak with a securities lawyer. Soreide Law Group works on a contingency basis, advances all costs, and helps investors across the country with recovering losses from sales practice misconduct. Paine and Centaurus Financial Inc. deny accusations of sales practice violations.
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