The following information is from FINRA’s website under “Disciplinary and Other FINRA Actions, January, 2013.”
Charles Tuttle Mason aka Chip Mason (CRD #2206257, Registered Principal, St. Pete Beach, Florida)
and Darren Duane Gibson (CRD #2311950, Registered Representative,Oceanside, California)
were each fined $5,000 and suspended from association with any FINRA member in any capacity for three months. Without admitting or denying the allegations, Mason and Gibson consented to the
described sanctions and to the entry of findings that while employed as wholesalers at their member firm, they were responsible for promoting a non-registered entity’s offerings
to retail broker-dealers, through sales presentations and providing marketing materials to registered representatives.
FINRA’s findings stated that Gibson, secured selling agreements from retail broker-dealers, who in turn raised more than $300 million from investors and earned $2,930,000 secured selling agreements from broker-dealers, who in turn raised more than $132 million from investors and earned approximately $1,500,000.
FINRA’s findings also included that Mason and Gibson assisted the retail broker-dealers with product training.
Several of the third-party due diligence reports raised concerns about the accounting of inter-offering transactions and the ability of the offerings to generate sufficient revenue from oil and gas investments. Mason and Gibson, continued to market the offerings without having adequately investigated the subject concerns and determining for themselves whether the offerings were appropriate to be recommended to investors.
Mason’s suspension is in effect from November 19, 2012, through February 18, 2013.
Gibson’s suspension is in effect from November 19, 2012, through February 18, 2013.
(FINRA Case #2011026598101) This ends the information from FINRA’s website.
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