LINCOLN L MASON Formerly of Edward Jones

LINCOLN LUCAS MASON (LINCOLN L MASON) formerly of Edward Jones of Arnolds Park, Iowa, from 03/29/2019 - 12/23/2021, was suspended for 90 days and fined $5,000.00 by FINRA. Mason was previously registered both as an investment advisor and as a broker. 

According to the FINRA report, without admitting or denying FINRA’s findings, LINCOLN L MASON consented to the sanctions and to the entry of findings that he allegedly engaged in an OBA (Outside Business Activity) without providing prior written notice to and receiving his firm's approval of that activity.

FINRA’s findings alleged that LINCOLN L MASON created and was the sole member of an LLC for the purpose of holding a commercial property suitable for a single business office that he owned. The FINRA report alleges that when Mason created the LLC, he intended to transfer his commercial property into the LLC, and to use the commercial property as his firm branch office, and the firm would pay Mason rent through the LLC for his branch office.

LINCOLN L MASON’s firm became aware of the LLC because of its compliance program. At that time the LLC did not hold any assets, and his firm approved the OBA. Later, the FINRA report alleges, Mason transferred his commercial property into the LLC and contacted the firm to establish that property as his Edward Jones branch office. The FINRA report states that Mason was advised by the firm that properties owned by associated persons could not be used as a branch office. Allegedly, LINCOLN L MASON, provided false information and fictitious documents to the firm in order to hide his ownership interest in the LLC and its property and have the firm lease that property for his branch office.

According to the FINRA report, allegedly Mason's firm entered into a lease agreement with the LLC and unknowingly allowed LINCOLN L MASON to use the property that he owned as his branch office. After executing the lease agreement, the firm's compliance department continued to request additional information from Mason regarding the LLC and required him to provide an updated OBA disclosure form. While Mason acknowledged his ownership interest in the LLC at this time, allegedly he falsely claimed that the only property it held was a "storage facility," according to FINRA

The FINRA report also alleged that LINCOLN L MASON claimed that he had sold the commercial building and that the purchase funds had changed hands, neither of which was true. Prior to any rent payments being made, Mason's firm terminated the lease agreement and terminated Mason's registration.

According to FINRA’s BrokerCheck available to the public on FINRA’s website, LINCOLN L MASON has 2 years of experience in the securities industry and was listed with one firm.  Mason has 5 disclosures on his FINRA CRD report.  Two disclosures are “Regulatory.” One is the above “Regulatory” dated 1/17/2024 suspending him for 90 days and fining him $5,000.00, and the other “Regulatory” is dated 3/20/2018 initiated by the Iowa Insurance Commissioner, sanctioning and fining him $5,000.00.  The allegations were, “Allegations that respondents did not deposit funds received for preneed funeral expenses in an irrevocable trust account in the consumer's name at a financial institution. Additionally, the payment to respondents sales agent annual report filed by the agent and preneed seller annual report filed by the funeral home did not report the payment on an annual report to the Iowa Insurance Division.”

There is another disclosure filed against LINCOLN L MASON, an “Employment Separation after Allegations,” dated 12/2/2021 discharging him from Edward Jones following the allegations of, “Concerns relating to outside business activities and failure to cooperate with internal investigation of the same.”

The other two disclosures filed against LINCOLN L MASON are “Customer Disputes.” One dispute dated 5/18/2023 has settled for $80,000.00 with allegations of, “Client alleges the financial advisor likely forged the client's signature on an account form. Client also alleges there is liability for the advice the financial advisor provided regarding Social Security elections and portfolio distributions.”  A dispute was filed on 12/29/2021 that settled for $36,206.66 following the allegations of, “The client alleges that he did not want his IRAs cashed in.”

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