Bobby Ray Payne Jr. (also known as Bobby Payne), of Manassas, Virginia, a stockbroker registered with Woodbury Financial Services Inc., was the subject of a customer initiated investment related complaint that was settled on September 7, 2022, for $34,856.79 in damages based upon allegations that Payne made unsuitable recommendations in variable annuities when Payne was associated with Woodbury Financial Services Inc.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Payne is referenced in five other customer initiated investment related disputes concerning Payne’s conduct while associated with securities broker dealers. On February 28, 2003, a customer filed an investment related complaint involving Payne’s conduct in which the customer requested $234,000.00 in damages based upon allegations that Payne made unsuitable recommendations in variable life insurance policies when Payne was associated with Washington Square Securities Inc. This complaint was closed, without further action by the customer.
On May 2, 2003, another customer filed an investment related complaint involving Payne’s conduct in which the customer requested over $5,000.00 in damages based upon allegations that Payne provided unsuitable advice about variable annuities during the time that Payne was associated with Washington Square Securities Inc. That complaint was denied.
Payne was also referenced in a customer initiated investment related complaint filed on August 25, 2003, in which the customer requested $20,000.00 in damages based upon allegations that Payne made unsuitable recommendations in life insurance products. The securities broker dealer denied this complaint.
On November 9, 2006, another customer filed an investment related complaint involving Payne’s conduct in which the customer requested $52,518.96 in damages based upon allegations that Payne misrepresented a variable life insurance policy as a retirement fund. The complaint was denied.
Payne was also referenced in a complaint filed on December 7, 2009, in which the customer requested $52,565.31 in damages based upon alleged sales practice violations by Payne during the time that he was associated with Woodbury Financial Services Inc. The securities broker dealer denied this complaint.
Payne has been associated with Osaic Wealth Inc. in Manassas, Virginia since January 19, 2024. Payne was associated with Woodbury Financial Services Inc. in Manassas, Virginia from May 11, 2004, to January 19, 2024.
