DID MELVIN JAMES PAYNE JR CAUSE YOU INVESTMENT LOSSES?
Melvin James Payne Jr formerly with PHX Financial, Inc. And Aegis Capital Corp. Has 2 Customer Complaints For Alleged Broker Misconduct In the Past 2 Years
Who is Melvin J. Payne Jr Formerly With PHX Financial, Inc. And Aegis Capital Corp.?
Melvin Payne (CRD #5891840) who was formerly registered with PHX Financial, Inc. and located in New York, New York is a subject of one of our many securities industry sales practice abuse investigations. Prior to PHX Financial, Inc., Melvin Payne was associated with Garden State Securities, Inc., Salomon Whitney Financial, and Aegis Capital Corp. and 7 other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.
Aegis Capital Corp. Broker Misconduct
In his career, Melvin Payne has been the subject of 2 customer complaints that we know about, both of those complaints were filed in the last year to recover investment losses. Both are currently pending customer complaints filed against Melvin Payne’s former employer Aegis Capital Corp. for investment losses caused by his alleged misconduct.
Allegations Against Melvin Payne
A sample of the allegations made in the FINRA reported arbitration claim settlements and pending complaints for investment losses are as follows:
- Two claimants and separate arbitration proceedings alleged that Melvin Payne made unsuitable investment recommendations and breach of his fiduciary duty that constituted a breach of contract as well.
Melvin Payne Red Flags & Your Rights As An Investor
Of course, Melvin Payne did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of Melvin Payne at PHX Financial, Inc., Garden State Securities, Inc. and Salomon Whitney Financial on alert to review carefully the activity and performance of their accounts and question whether Melvin Payne has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Aegis Capital Corp. also raises questions about supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
File A Claim To Recover Your Investment Losses At PHX Financial, Inc. And Aegis Capital Corp.
If you have questions about PHX Financial, Inc., Garden State Securities, Inc., Salomon Whitney Financial, Aegis Capital Corp. and/or Melvin Payne and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.