The Mario Payne lawsuits center on allegations that the Jacksonville financial advisor concentrated clients — many of them retired Duval County teachers — in complex structured products he described as safe, guaranteed, and insured. A March 2026 FINRA arbitration panel ordered Charles Schwab and TD Ameritrade to pay roughly $3.8 million to a group of Payne’s clients, and a separate Florida state court suit accuses Raymond James of hiding the real reason it terminated him in 2019. Five customer disputes against Payne remain pending, with specified alleged damages totaling more than $15.6 million.1FINRA BrokerCheck. Mario Joseph Payne BrokerCheck Report
What Investors Allege
The core allegation is consistent across the recent cases. Investors say Payne improperly concentrated their accounts in structured notes and other complex, illiquid products, and that he misrepresented these investments as “safe, guaranteed, and insured.”1FINRA BrokerCheck. Mario Joseph Payne BrokerCheck Report Structured products combine bonds with derivatives, and FINRA has long flagged them as requiring heightened supervision because investors can lose principal.2The Guardian. Mom-and-Pop Investors Risky Investments
Many of the clients bringing claims are retirees, elderly investors, and current or former public school teachers from the Jacksonville area who handed Payne their retirement savings.3AdvisorHub. Raymond James Failed to Warn Investors About Florida Advisor in Termination Filing, Suit The wave of complaints began in September 2024, when three customer disputes were filed within the same month, and continued into 2025.1FINRA BrokerCheck. Mario Joseph Payne BrokerCheck Report
The $3.8 Million Award Against Schwab and TD Ameritrade
In early March 2026, a FINRA arbitration panel in Jacksonville ordered Charles Schwab, TD Ameritrade Clearing, and TD Ameritrade Inc. to pay approximately $3.8 million to a group of Florida investors whose accounts Payne managed through his firm, TOAMS Financial.2The Guardian. Mom-and-Pop Investors Risky Investments The award included roughly $3.2 million in compensatory damages, about $532,000 in prejudgment interest, and approximately $77,500 in costs.4Financial Planning. Schwab to Pay $3.8 Million Over Outside Advisor’s Complex Recommendations
Schwab and TD Ameritrade served as custodians for the accounts, holding assets and executing trades that Payne directed. The investors, represented by attorney Michael Bixby of Bixby Law in Pensacola, argued that the firms had a duty to vet Payne’s recommendations and prevent unsuitable concentrations. The disputed holdings included structured products, nontraditional exchange-traded funds, and leveraged ETFs. The panel found that the firms had substantially concentrated investor accounts in inappropriate holdings.4Financial Planning. Schwab to Pay $3.8 Million Over Outside Advisor’s Complex Recommendations
Payne was not a named defendant in this arbitration and did not respond to press inquiries about the award. Schwab disputed the ruling, saying its sole role was as a custodian and that investment choices were made by the clients and their independent adviser. The firm called the decision “legally wrong.”2The Guardian. Mom-and-Pop Investors Risky Investments
The claimants were primarily retired teachers from the Duval County School District. Cathy Shubert received $139,650. Sonja Mattingley, a 65-year-old traveling nurse, was awarded nearly $95,000 after her depleted portfolio forced her to take on additional work. Bixby described the result as a “full award,” reflecting the difference between what the investors actually lost and what they would have earned in a balanced portfolio of stocks and bonds.2The Guardian. Mom-and-Pop Investors Risky Investments
The Raymond James Concealment Lawsuit
In mid-December 2024, approximately 48 plaintiffs sued Raymond James Financial in Florida state court, alleging the firm hid the real reasons it fired Payne in February 2019. When a broker leaves a firm, the employer must file a Form U5 with FINRA disclosing the circumstances of the departure. According to the complaint, Raymond James reported that Payne was terminated for “failure to meet performance expectations” and described the separation as “non-sales practice related.”3AdvisorHub. Raymond James Failed to Warn Investors About Florida Advisor in Termination Filing, Suit
The plaintiffs allege that account was false. They contend that a 2018 investor complaint had put Raymond James on notice that Payne was misrepresenting risky products, but that the firm conducted what the complaint calls a “sham” investigation, denied the complaint, and then terminated Payne without accurately disclosing why. As of late 2024, BrokerCheck showed no record of the termination, according to AdvisorHub. Had the firm reported truthfully, the plaintiffs argue, Payne would not have been able to re-register and open TOAMS Financial, and their losses could have been avoided.3AdvisorHub. Raymond James Failed to Warn Investors About Florida Advisor in Termination Filing, Suit
The suit alleges negligence and violations of the Florida Securities and Investor Protection Act and FINRA rules governing accurate U5 reporting. The plaintiffs seek $5 million in damages, and the complaint notes that additional Jacksonville-area investors could potentially seek as much as $100 million more. Bixby, who also represented the Schwab claimants, has said he represents Shubert and more than 100 other people across two separate Florida state court lawsuits related to Payne’s alleged misconduct.5PIABA. Financial Prison, Trump Wall Street Plan Puts Mom-and-Pop Investors at Risk
Raymond James has asked the court to dismiss both cases, arguing that the suits were not filed in a timely manner and that many of the plaintiffs did not become Payne’s clients until after he had already left the firm.5PIABA. Financial Prison, Trump Wall Street Plan Puts Mom-and-Pop Investors at Risk The firm did not respond to AdvisorHub’s request for comment on the original reporting.3AdvisorHub. Raymond James Failed to Warn Investors About Florida Advisor in Termination Filing, Suit
Other Pending Claims Against Payne
Payne’s FINRA BrokerCheck record lists eight customer disputes spanning 2009 to 2025, but the serious cluster is recent.6SEC IAPD. Mario Joseph Payne Individual Summary Beyond the resolved Schwab arbitration, the current picture breaks down this way:
- One FINRA arbitration (Case 24-02065) alleging $2 million in damages settled in April 2026 for $97,500. Payne’s personal contribution was $0.7SEC IAPD. Mario Joseph Payne Individual Report
- Three pending FINRA arbitrations, seeking $3 million, $3.6 million, and $4 million, all filed in FINRA’s Boca Raton office.1FINRA BrokerCheck. Mario Joseph Payne BrokerCheck Report
- Two pending civil lawsuits in Duval County, Florida: one filed in December 2024 seeking $5 million, and a second filed in February 2025 with unspecified damages.1FINRA BrokerCheck. Mario Joseph Payne BrokerCheck Report
Where Payne Stands Today
Payne continues to operate TOAMS Financial out of Jacksonville. He is no longer registered as a broker but remains an investment adviser through the firm, which was launched shortly after his departure from Raymond James and, as of December 2023, managed roughly $155 million in assets.3AdvisorHub. Raymond James Failed to Warn Investors About Florida Advisor in Termination Filing, Suit Payne owns the firm and serves as its chief compliance officer.1FINRA BrokerCheck. Mario Joseph Payne BrokerCheck Report
No regulatory body has taken formal disciplinary or enforcement action against Payne or TOAMS Financial. FINRA, the SEC, and state regulators have not, as of mid-2026, sanctioned him.8FINRA BrokerCheck. Mario Joseph Payne BrokerCheck Individual The pending arbitrations and the Raymond James lawsuits are civil matters brought by investors and their counsel, not government enforcement actions.