Mason Wayne Gann (Mason Gann) – Financial Advisor/Broker Mason Gann Suspended from Securities Industry | Goodman & Nekvasil, P.A. May Recover Investor Losses
Mason Gann was a previously licensed financial advisor/broker with Berthel, Fisher & Company Financial Services. According to FINRA, Mason Gann was suspended from the securities industry for three months in February 2020.
According to FINRA Allegations:
Mason Gann consented to the sanction and to the entry of findings that he recommended and effected a risky options-trading strategy in a senior customer’s account, who had limited income, modest retirement savings, and minimal investment knowledge. The findings stated that Mason Gann lacked a reasonable basis for believing that his options recommendations were suitable for the customer, given what he knew about the customer’s investment profile. The customer’s account value was approximately $205,000. Since retiring, the customer had taken monthly withdrawals from his IRA to pay for current expenses, had occasionally withdrawn larger amounts to pay other expenses and informed Mason Gann that he intended to continue withdrawing on a monthly basis indefinitely. The customer’s account holdings did not produce enough income or gains to offset his withdrawals and the value of the account had declined. Continuing withdrawals at the same level was likely unsuitable for the long term, and Mason Gann exacerbated the problem by recommending that the customer begin trading options, which Gann conceived of as a way to generate more income in the account. Although several of the options contracts Mason Gann recommended to the customer were profitable, he lost more than $12,500 as a direct result of the unsuitable options strategy that Gann recommended to him and effected on his behalf. The combined effect of investment losses and steady withdrawals had reduced the customer’s account balance to below $20,000.
According to Mason Gann’s BrokerCheck report, a customer dispute has been filed alleging sales practice violations against Mason Gann. The client alleges that between 2012 to the present, the representative mishandled and misrepresented her account by placing her in unsuitable and risky investments. The client also alleges the firm failed to supervise the activity in her account. This customer dispute was settled for $31,250.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with Mason Gann and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Quincy Caldwell’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Mason Gann and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Some of the information in this blog post was obtained on 3/20/2020 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.
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