Mason Gann Investigation
September 2022- Dallas, TX
The FINRA records of Mason W. Gann, a stockbroker who is not currently registered with any broker dealer and who was last employed by Berthel Fisher and Co. , disclose a recent regulatory event resulting in suspension, 4 prior customer disputes , a termination from employment and an outstanding tax lien.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 2/2020 FINRA suspended Gann for three months to resolve allegations that he effected a risky options trading strategy in the account of a senior customer who had limited income, modest savings and minimal investment knowledge. FINRA found that Gann lacked a reasonable basis for believing his options strategy was suitable for the customer, given what he knew about the customer’s investment profile.
Previously, in April 2018, FINRA suspended Mason Gann for 20 business days and fined him $5,000 to resolve allegations that he exercised discretion (traded without the authority of the customer ) in six customers’ accounts without obtaining written approval from the customers or his firm.
In January 2018 a customer of Berthel Fisher filed a complaint seeking damages of $75,000 alleging concern about being able to support his future income requirements alleging that investments in his account are unsuitable for his risk level and alleging that Gann made unauthorized trades and churned his account. The investments at issue were equities, options, unit investment trusts and ETFs. That matter was settled for $40,000 in 1/2019.
Gann was employed with Berthel Fisher from 6/2012 – 2/2018. In February 2018, Gann was discharged by Berthel Fisher who made the following allegation on Gann’s BrokerCheck report: “Terminated for possible violation of terms of heightened supervision”.
Gann discloses an outstanding judgment/lien in favor of the Internal Revenue Service in the amount of $54,157.
If you have losses in an account handled by Mason Gann , contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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