Broker Mason Gann Targeted In Berthel Fisher Investor Disputes
There is troubling information that you should know about it concerning Berthel Fisher securities broker Mason Wayne Gann (CRD#: 4030936, Dallas, Texas). Notably, the securities broker faces client disputes, regulatory sanctions and more. It seems that Gann potentially sold unsuitable and misrepresented investments. Here’s a closer look at the disputes involving Gann, and what you could do if you sustained losses from him.
Berthel Fisher Client Indicates That Mason Gann Overconcentrated Assets In Underperforming Investments
Evidently, in March 2020, a client took aim at Mason Gann through a complaint directed to Berthel Fisher. Allegedly, Gann overconcentrated their account in bad stock positions. It is possible that he did not carefully consider the client’s risk tolerance, investment objectives or other suitability factors. In addition, the client contended that Berthel Fisher failed to supervise Gann. For this reason, Berthel Fisher opted to settle the matter through making a payment to the client.
Client Of Berthel Fisher Indicates That Gann Misrepresented Account
It also appears that a Berthel Fisher client filed a FINRA Arbitration Claim in regard to Mason Gann. Particularly, in this May 2018 dispute, the client claimed that Gann misrepresented their account. Not only that, but the broker allegedly mishandled their account, placing the client in risky and unsuitable investments. Supposedly, the client sustained losses on options, stocks and exchange traded funds. Because of this, they received $31,250 in a settlement.
Investor Alleges That Mason Gann Churned, Excessively Traded
Critically, Mason Gann is also targeted in a dispute from January 2018. Notably, a Berthel Fisher client stated that Gann churned their account to make commissions. Not only that, but the securities broker supposedly made unauthorized trades. It appears that the client experienced damages on equities, options, unit investment trusts (UITs) and exchange traded funds (ETFs).
Gann Handed Suspension From FINRA In January 2020 For Allegedly Violating Suitability Rules
Notably, in January 2020, FINRA suspended Mason Gann as a securities broker to resolve allegations that Gann violated FINRA rules on investment recommendations. It seems that Gann recommended that an older investor make risky options trades. That investor did not possess a large amount of assets or income, and they did not know much about investments. For this reason, FINRA contended that Gann did not have good reason to believe that his recommendations were suitable for the client. The securities regulator indicated that Gann caused the client to experience losses. Not only that, but he reportedly helped caused the client’s retirement account to dwindle.
FINRA Suspends Mason Gann In 2018 For Discretionary Trading
Also, FINRA issued Mason Gann a 20-day suspension and $5,000 fine to resolve allegations that Gann did not get proper client authorization before making discretionary trades. FINRA rules require clients to provide written authorization to the broker before they can make discretionary trades. Reportedly, Gann did not have authorization from Berthel Fisher or his clients in connection with about 500 trades.
Securities Attorneys At Your Service
Wronged by Gann? If so, contact us at (888) 760-6552 and speak with an experienced securities lawyer about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers. FINRA BrokerCheck indicates that Gann denies all allegations of his sales practice violations.