James Christopher Hayne of Mansfield Texas a stockbroker formerly registered with Cetera Advisors LLC is referenced in a customer initiated investment related arbitration claim which was resolved for $325,000.00 in damages founded on allegations that Texas Securities Act and California Corporate Securities Law had been violated; contractual obligations to the customer were breached; the customer’s account had been handled in a negligent manner; fiduciary duties owed to the customer were breached; and the customer’s account was handled in a negligent or fraudulent manner causing the customer to experience unwarranted losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02780 (Nov. 19, 2018).
FINRA Public Disclosure confirms that Hayne has been identified in eight more customer initiated investment related disputes that concern accusations of his misconduct during the time that he was employed by First Allied Securities, Cetera Advisors LLC and Questar Capital Corporation. In particular, a customer filed an investment related complaint involving Hayne’s conduct in which the customer requested $141,739.71 in damages based upon allegations that the customer sustained unwarranted poor performance while having to pay excessive commissions on equities held in the customer’s investment account between 2008 and 2012.
Another customer initiated investment related arbitration claim in regards to Hayne’s conduct was settled for $36,000.00 in damages supported by accusations that contractual and fiduciary obligations to the customer were violated; the customer’s account had been handled with poor care; First Allied Securities neglected to supervise Hayne’s activities; trades effected in the customer’s investment account were not appropriate given the customer’s health, age and objectives for investing; and transactions were executed on an excessive and fraudulent basis. FINRA Arbitration No. 15-02867 (Oct. 5, 2017).
Further, a customer initiated investment related arbitration claim involving Hayne’s activities was resolved for $10,000.00 in damages founded on allegations including the violation of FINRA rules, NASD rules and securities laws; misrepresentation of the customer’s stock and over-the-counter equities positions, breach of contract; negligence; failure to execute; negligent hiring and fraud in regard to the transactions placed by Hayne in the customer’s account when Hayne was registered with Questar Capital Corporation. FINRA Arbitration No. 16-00370 (June 1, 2016).
Additionally, a customer initiated investment related arbitration claim concerning Hayne’s conduct was settled for $125,000.00 in damages based upon accusations of breach of fiduciary duty; misleading and deceptive tactics inducing the customer’s investments; trades placed on an excessive basis; overconcentration of the customer’s assets in speculative stock investments causing the customer to be overexposed to losses; and bad equity investments in the customer’s account causing the customer to sustain unwarranted losses. FINRA Arbitration No. 16-03364 (Oct. 11, 2017).
Hayne’s employment with Cetera Advisors LLC has been terminated as of February 1, 2017.
