SEC News
- SEC Charges Chicago-Area Father and Son Conducted Cherry-Picking Scheme at Investment Firm May 16, 2013FOR IMMEDIATE RELEASE2013-90 Washington, D.C., May 16, 2013 — The Securities and Exchange Commission today charged a father and son and their Chicago-area investment advisory firm with defrauding clients through a cherry-picking scheme that garnered them nearly $2 million in illicit profits, which they spent on luxury homes, vehicles, and vacations. Addition […]
- SEC Names Keith F. Higgins as Director of Division of Corporation Finance May 15, 2013FOR IMMEDIATE RELEASE2013-89 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today named Keith F. Higgins as the new director of the agency’s Division of Corporation Finance. Mr. Higgins comes to the SEC from the law firm of Ropes & Gray LLP where he is a partner in its Boston office with 30 years of experience advising public com […]
- SEC Names Lona Nallengara as Chief of Staff May 15, 2013FOR IMMEDIATE RELEASE2013-88 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today announced that Lona Nallengara has been named the agency’s chief of staff. Mr. Nallengara came to the SEC in March 2011 and served as deputy director for legal and regulatory policy in the Division of Corporation Finance until he was appointed in Decemb […]
- SEC Charges China-Based Executives in Scheme to Overstate Revenues and Divert Money for Personal Use May 15, 2013FOR IMMEDIATE RELEASE2013-87 Washington, D.C., May 15, 2013 — The Securities and Exchange Commission today charged husband-and-wife executives at a China-based company with engaging in a scheme to overstate the company’s revenues and divert proceeds from a securities offering for their personal use. Additional Materials SEC Complaint The SEC alleges that RIN […]
- SEC, FINRA Issue Investor Alert On Pension or Settlement Income Streams May 9, 2013FOR IMMEDIATE RELEASE2013-86 Washington, D.C., May 9, 2013 — The Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA) today issued an investor alert entitled Pension or Settlement Income Streams – What You Need to Know Before Buying or Selling Them. The investor alert informs investors about the risks involved when selli […]
TAG | Scott David Mason
Apr/12
16
Florida Broker Suspended Over Hedge Fund Sale
Comments off · Posted by Securities Lawyer in FINRA
The following information is from FINRA’s website under “Disciplinary Actions, March, 2012:
Scott David Mason (CRD #3270983, Registered Principal, Debary, Florida)
submitted an Offer of Settlement in which he was suspended from association with any FINRA member in any capacity for 18 months and required to requalify by examination prior to associating with any member firm in any capacity after the suspension. In light of Mason’s financial status, no monetary sanction was imposed.
Without admitting or denying the allegations, Mason consented to the described sanctions and to the entry of findings that he established a hedge fund and participated in the sale of limited partnership units in the hedge fund to investors without his firm’s approval.
The findings stated that Mason failed to advise his firm that he had participated in the sale of the limited partnership units and failed to disclose his participation and continuing involvement on firm annual certifications.
The findings also stated that Mason raised more than $1million in the sale of the limited partnership units outside the scope of his business with his firm. The findings also included that Mason sold the limited partnership units while not registered with FINRA
in a capacity that permitted him to sell the units when he did sell them.
FINRA found that Mason opened securities accounts for the hedge fund with other FINRA member firms and did not advise these firms that he was associated with a member firm, and did not advise his firm that he had opened securities accounts with other firms.
FINRA also found that Mason did not request that duplicate confirmations and account statements be forwarded to his member firm.
The suspension is in effect from February 21, 2012, through August 20, 2013.
(FINRA Case #2009016363501)
The information from FINRA’s website has ended.
Securities Lawyer, Lars K. Soreide, of Soreide Law Group, PLLC, has represented clients nationwide.
For a free consultation with an attorney, please call 888-760-6552, or visit our website at: www.securitieslawyer.com.
failure to advise firm by broker of activities · Financial Industry Regulatory Authority · FINRA · FINRA arbitration · fort lauderdale securities fraud lawyer · fort lauderdale securities lawyer · hedge fund loss lawyer · hedge fund losses · hedge fund manager fraud · hedge funds · investment fraud · Lars K. Soreide · Lars K. Soreide Soreide Law Group · no approval from firm for sale of hedge funds · sale of hedge fund interests to investors · sale of limited partnerships in hedge funds · Scott David Mason · Scott David Mason Debary Florida · Scott Mason · securities fraud lawyer · securities lawyer · Soreide Law Group PLLC · stock broker fraud · Stock fraud lawyer
