According to FINRA, Timothy N. Payne (CRD# 2688766 Oklahoma City, Oklahoma) submitted an AWC in which he was barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Payne agreed to the sanction and to the entry of findings that on June 1, 2016, FINRA staff sent a request to Payne for on-the-record testimony pertaining to allegations of unsuitable recommendations by Payne.
Payne allegedly acknowledged that he received FINRA’s request and will not appear for on-the-record testimony at any time. By failing to appear for on-the-record testimony as requested pursuant to FINRA Rule 8210, Payne allegedly violates FINRA Rules 8210 and 2010.
Further on November 2, 2015, Payne entered into a Consent Order with the State of Missouri finding that he allegedly engaged in dishonest and unethical practices in the securities, investment, and/or insurance business. He was reportedly ordered to pay $17,750 in restitution ($10,000 of which is suspended provided he complies with the terms of the Consent Order and the Missouri Securities Act) and a $20,000 civil penalty (also suspended).
For FINRA’s full findings see FINRA Case #2014040289802
According to FINRA’s BrokerCheck, Timothy Payne was registered with Wilbanks Securities in Oklahoma City, Oklahoma from 06/2009 – 02/2014, and Investors Capital Corp. in Frisco, Texas from 01/2014 – 03/2015.
The foregoing information, which is all publicly available on FINRA’s website, is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee. For more information on the firm and it’s representation of investors, visit https://www.whitesecuritieslaw.com.
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