Girard Bengali Investigating Timothy Tremblay and Centaurus Financial Investor Claims

Girard Bengali, APC is investigating claims involving Timothy N. Tremblay and Centaurus Financial, Inc. including whether investors may have suffered monetary losses as a result of misconduct.

Tremblay’s current FINRA BrokerCheck record includes 16 customer disputes and one regulatory action, with four customer disputes still pending. FINRA cautions that pending disputes contain allegations that have not necessarily been proven and may ultimately be dismissed, settled, or otherwise resolved.

Given the number of disclosed complaints and the recent SEC action involving GWG L Bonds, investors who worked with Tremblay or Centaurus Financial may want to take a closer look at their accounts, particularly if they suffered losses in high-risk or illiquid investments.

Background on Timothy Tremblay

Timothy Neil Tremblay, CRD No. 1201542, has worked in the securities industry for more than four decades. According to FINRA BrokerCheck, he has been registered with Centaurus Financial, Inc. since May 2003 and is associated with a Centaurus branch office in Santa Barbara, California. He is currently registered through Centaurus in 17 states and territories.

Before joining Centaurus, Tremblay was registered with several other securities firms, including Washington Square Securities, Cruttenden Roth Incorporated, Smith Barney, Prudential Securities, and PaineWebber. BrokerCheck also lists Tremblay as a senior partner with Tremblay Waibel Financial Services and identifies Tremblay Financial Services as a DBA used for marketing purposes.

SEC Action Involving Timothy Tremblay and GWG L Bonds

In February 2025, the U.S. Securities and Exchange Commission entered a final order against Centaurus Financial and four registered representatives, including Timothy Tremblay, arising from recommendations involving GWG Holdings, Inc. L Bonds.

The SEC found that, between June 30, 2020 and approximately April 16, 2021, Centaurus and the named representatives recommended GWG L Bonds to 18 retail customers without a reasonable basis to believe those recommendations were in the customers’ best interests based on their investment profiles and the risks, rewards, and costs associated with the investments.

The GWG offering materials themselves warned that the L Bonds carried a high degree of risk, could result in the loss of an investor’s entire investment, could be considered speculative, and were intended for investors with substantial financial resources and no need for liquidity.

The SEC found that Tremblay and the other respondents failed to comply with the customer-specific portion of the Care Obligation under Regulation Best Interest, commonly known as Regulation BI. The SEC’s order states that the respondents willfully violated Regulation BI’s General Obligation.

As part of the resolution, Tremblay was censured and ordered to cease and desist from future violations of the applicable Regulation BI provision. He was also ordered to pay $6,060.50 in disgorgement, $1,454.99 in prejudgment interest, and a $12,500 civil penalty.

The SEC matter is identified as File No. 3-22451.

Customer Complaints and Investment-Related Allegations

Tremblay’s BrokerCheck history includes a number of customer disputes involving different types of investments and allegations.

Several of the more recent matters involve claims that customers were placed into unsuitable, high-risk, speculative, or illiquid investments, including corporate debt and real estate securities.

For example, one 2025 complaint alleged that Tremblay recommended unsuitable, high-risk, illiquid investments. The customer alleged $94,000 in damages, and the matter later settled for $20,000. Tremblay denied wrongdoing and reported that he made no individual contribution to the settlement.

Another 2025 matter alleged that Tremblay recommended and misrepresented unsuitable, high-risk, speculative investments with limited liquidity. The customer alleged $100,000 in damages, and the matter later settled for $60,820. Tremblay again denied wrongdoing..

Other disclosures in the BrokerCheck report involve allegations related to unsuitable recommendations, misrepresentations, unauthorized trading, annuities, mutual funds, corporate debt, real estate securities, and other investment products.

Importantly, a BrokerCheck disclosure is not automatically a finding of wrongdoing. FINRA notes that some complaints and pending matters may be contested, unresolved, or ultimately resolved without a finding against the broker.

Girard Bengali Is Investigating Additional Claims

Girard Bengali regularly represents investors who have lost money because of unsuitable investment recommendations, misrepresentations, broker misconduct, breach of fiduciary duty, or failures to supervise.

The firm and is investigating whether other investors may have experienced similar losses as a result of their advisor Timothy Tremblay and Centaurus Financial.

Brokerage firms are responsible for supervising the activities of their registered representatives and maintaining systems designed to detect and prevent violations of securities laws and industry rules. Depending on the facts of a particular case, investors who suffer losses because of unsuitable recommendations, misrepresentations, broker misconduct, or supervisory failures may have claims that can be pursued through FINRA arbitration or other legal proceedings.

Did You Invest With Timothy Tremblay or Centaurus Financial?

If you or a family member worked with Timothy Tremblay, Tremblay Financial Services, Tremblay Waibel Financial Services, or Centaurus Financial, Inc. and suffered significant investment losses, Girard Bengali, APC would like to speak with you.

Our securities attorneys can review your account history, investment recommendations, account statements, and other relevant records to help determine whether you may have a claim for recovery.

Contact Girard Bengali, APC for a free and confidential consultation to discuss your legal options.