The Frankowski Firm is investigating complaints regarding Texas-based Cetera Advisors broker James Hayne (CRD# 3257845). He has spent sixteen years in the securities industry and has been registered with Cetera Advisors in Mansfield, Texas since 2014. Previous registrations include Questar Capital Corporation in Glendora, California (2013-2014); First Allied Securities in Glendora, California (2008-2013); Edward Jones in Pomona, California (2002-2008); and Morgan Stanley DW in Purchase, New York (1999-2002). He is a registered broker and investment adviser with five US states: Alabama, California, Florida, Nevada, and Texas.According to his BrokerCheck report, Hayne is the subject of one pending customer complaint, four closed or denied customer complaints, and one tax lien:
- In October 2015 a customer alleged Hayne, while employed at First Allied Securities, breached his fiduciary duty, breached his contract, committed fraud, acted negligently, failed to supervise, and made unsuitable and excessive trades.
- In 2014 a customer alleged Hayne, while employed at First Allied Securities, executed unauthorized trades, charged excessive commissions, and provided poor performance.
- In 2008 a customer alleged Hayne, while employed at Edward Jones, encouraged them to take out a margin loan to pay down their home loan balance, and the funds declined significantly.
- In 2007 a customer alleged Hayne, while employed at Edward Jones, recommended an unsuitable strategy that involved refinancing his home and investing the proceeds in mutual funds.
- In 2002 a customer alleged Hayne, while employed at Morgan Stanley DW, purchased securities on margin without approval.