Our firm is investigating former Raymond James Financial Services financial advisor Mario Payne (CRD# 5445757) of Jacksonville, Florida for potential investment-related misconduct.
Financial Advisor’s Career History
FINRA BrokerCheck reflects that Mario Payne is not currently registered as a broker, but was previously registered with Edward Jones in Jacksonville, Florida from December 2007 to May 2013 and with Raymond James Financial Services, Inc. in Jacksonville, Florida from May 2013 to February 2019.
His most recently reported Form U4 employment history lists Planning Solutions International LLC dba TOAMS Financial (Jacksonville, Florida) from February 2019 to present as Owner/Chief Compliance Officer, and also reflects roles at Raymond James Financial Services, Inc. (Financial Advisor) and Raymond James Financial Services Advisors Inc. (Investment Adviser Representative) from May 2013 to February 2019.
Mario Payne Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck discloses eight customer disputes, including six pending matters and two closed matters that were denied.
Summary of disclosed customer disputes (for context)
- Pending (Disclosure 1 of 6) — Action: Customer dispute/civil litigation; Allegations: high-risk, illiquid, complex, unsuitable strategy concentrating structured products/notes; misrepresented as safe/guaranteed/insured; Forum: Circuit Court for Duval County, Florida; Case: 2025-CA-000785; Filing date: 02/11/2025; Complaint received: 06/09/2025; Damages: not specified (shown as $0.00). Disposition: Pending.
- Pending (Disclosure 2 of 6) — Action: FINRA arbitration; Allegations: same core allegations; Activity dates: 05/03/2013–02/08/2019; Forum: FINRA – Boca Raton, FL; Case: 25-00298; Filing date: 02/11/2025; Complaint received: 02/12/2025; Damages: $4,000,000. Disposition: Pending.
- Pending (Disclosure 3 of 6) — Action: civil litigation; Allegations: same core allegations; Forum: Duval County, FL Clerk of 4th Judicial Circuit Court; Case: 16-2024-CA-006818-AXXX-MA; Filing date: 12/13/2024; Complaint received: 01/15/2025; Damages: $5,000,000. Disposition: Pending.
- Pending (Disclosure 4 of 6) — Action: FINRA arbitration; Allegations: same core allegations; Forum: FINRA; Case: 24-02064; Filing date: 09/26/2024; Complaint received: 09/26/2024; Damages: $3,000,000. Disposition: Pending.
- Pending (Disclosure 5 of 6) — Action: FINRA arbitration; Allegations: same core allegations; Activity dates: 05/03/2013–02/08/2019; Forum: FINRA – Boca Raton, FL; Case: 24-02065; Filing date: 09/26/2024; Complaint received: 09/26/2024; Damages: $2,000,000. Disposition: Pending.
- Pending (Disclosure 6 of 6) — Action: FINRA arbitration; Allegations: same core allegations; Activity dates: 05/03/2013–02/08/2019; Forum: FINRA – Boca Raton, FL; Case: 24-02063; Filing date: 09/26/2024; Complaint received: 09/26/2024; Damages: $3,600,000. Disposition: Pending.
- Closed/Denied (Disclosure 1 of 2) — Action: written customer complaint; Allegations: unsuitable investments and misrepresentations at time of sale; Activity dates: 11/10/2017–02/08/2018; Product: listed equities; Complaint received: 05/18/2018; Damages: $20,000; Status date: 07/23/2018. Disposition: Denied.
- Closed/Denied (Disclosure 2 of 2) — Action: written customer complaint; Allegations: failure to provide written prospectus, promise of “no risk” and 7% return, commission concerns, alleged UIT transactions not agreed to; allegations included suitability, misrepresentation, and unauthorized trading; Event date: 03/24/2009; Complaint received: 03/25/2009; Damages: $5,000; Status date: 04/30/2009. Disposition: Denied.
Allegations involving structured products and structured notes (2024–2025)
Several pending matters allege that, while associated with Raymond James Financial Services, Inc., claimants were placed into a “high-risk, illiquid, complex, and unsuitable” strategy that concentrated accounts in structured products (including structured notes), and that the products were allegedly misrepresented as “safe, guaranteed, and insured.”
The disputes reflect significant claimed losses, including alleged damages of $2,000,000 (FINRA Boca Raton, Case 24-02065), $3,000,000 (FINRA Case 24-02064), $3,600,000 (FINRA Boca Raton, Case 24-02063), $4,000,000 (FINRA Boca Raton, Case 25-00298), and $5,000,000 (Duval County, FL, Case 16-2024-CA-006818-AXXX-MA).
Earlier customer disputes (2009 and 2018)
BrokerCheck also reflects two earlier customer disputes that were closed and denied, including one alleging unsuitable and misrepresented listed equity investments (activity dates 11/10/2017–02/08/2018, alleged damages $20,000) and another 2009 dispute alleging, among other things, suitability, misrepresentation, and unauthorized trading allegations (alleged damages $5,000).
To obtain a copy of Mario Joseph Payne’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) generally requires a broker to have a reasonable basis to believe a recommendation is suitable for a customer based on the customer’s investment profile, and it is often implicated when customers allege they were concentrated in high-risk, illiquid, complex products that did not match their stated objectives, liquidity needs, or risk tolerance.
FINRA Rule 2210 (Communications with the Public) sets standards for broker-dealer communications to be fair and balanced and not omit material facts, and it can become relevant where investors allege structured products were described as “safe,” “guaranteed,” or “insured” without fully presenting downside risk, liquidity constraints, and complexity.
Losing your savings to a dishonest broker or advisor can be devastating, but you do not have to face it alone. Robert Wayne Pearce and his team have spent over four decades helping investors who were misled or defrauded by Wall Street firms. The Law Offices of Robert Wayne Pearce, P.A. takes cases nationwide on a contingency fee basis. You pay nothing unless we recover your losses. Call (800) 732-2889 or email pearce@rwpearce.com today for a free and confidential consultation.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) is a broad ethical rule that may be implicated when a customer alleges misrepresentations, omissions, or other conduct inconsistent with fair dealing—such as allegations of misrepresentation and unauthorized trading in a customer complaint.
