Bill Dobbs: Corporate Bond Complaint Against Swan Financial Advisor

Clinton, Tennessee financial advisor Bill Dobbs (CRD# 1064156) recently received an investor complaint alleging he provided unsuitable investment advice that resulted in losses. Financial Industry Regulatory Authority records indicate that he is a broker and an investment advisor with Centaurus Financial, doing business as Swan Financial Services.

Mr. Dobbs’ BrokerCheck report discloses multiple investor complaints. The most recent, filed in December 2022, alleges that as a Centaurus Financial representative, he recommended an unsuitable corporate bond investment. The pending complaint alleges unspecified damages. In a statement included with the complaint’s disclosure, Mr. Dobbs wrote that he denies any wrongdoing and described the complaints as meritless. “The investments about which the customer complained were suitable and were recommended based on the customer’s objectives, goals and financial circumstances and were offered only after his review of all material documentation related to the investment,” he wrote. “At all times, I put the customer’s interest first and I will vigorously defend this matter to the fullest extent of the law.”

A second investor complaint, filed in 2021, alleged that he recommended “high risk and illiquid investments” in oil and gas and real estate products while at Centaurus Financial. In June 2022 the complaint reached a settlement of $59,900.

A third investor complaint, filed in 2009, alleged that as a representative of MetLife, he “failed to establish a stop loss on her accounts which has caused her to realize a greater loss than what was previously agreed.” In 2011 the complaint reached a settlement of $50,000.

A fourth complaint, filed in 2002, alleged that as a representative of Sunset Financial Services, he acted negligently, misrepresented material facts, committed fraud, breached his fiduciary duty, and employed unfair business practices. In 2004 the complaint reached a settlement of $70,000.

According to the Financial Industry Regulatory Authority, Bill Dobbs holds 38 years of securities industry experience. Based in Clinton, Tennessee, he has been a broker and an investment advisor with Centaurus Financial since 2009, doing business as Swan Financial Services. His past registrations include MetLife Securities, Metropolitan Life Insurance Company, Sunset Financial Services, John Hancock Distributors, John Hancock Mutual Life Insurance Company, Forth Financial Securities Corporation, Phoenix Equity Planning Corporation, Sun Investment Services Company, and Pruco Securities Corporation. His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California and Tennessee. (Information current as of February 15, 2023.)

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