FINRA Suspended Edward Jones’ Lincoln Mason

Soreide Law Group is investigating potential investor claims of sales practice violations possibly committed by securities broker Lincoln Lucas Mason [CRD: 7057393, Arnolds Park, Iowa], given the disclosures on FINRA BrokerCheck. Evidently, Mason worked for Edward Jones from March 29, 2019, to December 23, 2021. Continue reading to learn more about Mason's disclosures.

FINRA Sanctions Mason For Unauthorized Outside Business Activity And False Statements

Specifically, on January 17, 2024, FINRA issued Case: 2022073651801 sanctioning Lincoln Mason.

Lincoln Mason entered the securities industry in April 2019 through Edward Jones. His registration with Edward Jones ended on December 23, 2021, when the firm discharged him due to concerns related to an undisclosed outside business activity (OBA) and his lack of cooperation during the firm's investigation into this activity.

FINRA’s case focused on Mason's involvement with Montauk Properties LLC, an entity he created in April 2020 for holding a commercial property. Supposedly, Mason failed to provide prior written notice or receive approval from Edward Jones for this outside business activity. Also, he allegedly made several false statements to his firm about the nature and extent of his participation in the undisclosed business activity. These actions led to violations of FINRA Rules 3270 and 2010.

Additionally, during his association with Edward Jones, Mason reportedly attempted to transfer his commercial property into Montauk Properties LLC, intending to use this property as his Edward Jones branch office. Despite learning of the LLC through its compliance program, Edward Jones only approved the outside activity when it believed the LLC held no assets. Allegedly, Mason's subsequent transfer of the commercial property into the LLC and his efforts to lease it to Edward Jones through falsified documents and false representations violated firm policies and FINRA rules.

Supposedly, after the lease agreement was executed, Mason continued to provide false information to Edward Jones, leading to his discharge when the firm terminated the lease agreement.

For this reason, Mason was subjected to a 90-day suspension from associating with any FINRA member in all capacities and fined $5,000.

Lincoln Mason Disclosed Forgery Allegations By Edward Jones Client

Particularly, a client of Edward Jones contested Lincoln Mason’s sales practices, according to a FINRA Arbitration: 24-00257 dated February 26, 2024. Allegedly, Mason misused the client's signature on an account form. It appears that Mason allegedly advised the client regarding Social Security elections and portfolio distributions, causing concern. This matter is ongoing.

Edward Jones Investor Accused Mason Of Unauthorized Actions

Additionally, a client filed a complaint about Lincoln Mason. Supposedly, Mason did not follow their instructions regarding their individual retirement accounts. Because of this, the investor apparently incurred damages on mutual funds. For this reason, on July 6, 2022, Edward Jones settled this matter by paying the client $36,206.66 in damages.

Seek Legal Advice If You Experienced Losses

Did you experience losses because of Lincoln Mason? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk to a securities lawyer about a possible recovery of your investment losses. Soreide Law Group has assisted hundreds of clients throughout the country, works on a contingency fee basis, and advances all costs. Mason and brokerage firm Edward Jones deny accusations of sales practice violations.