FINRA Bars LPL Financial Broker Scott Mason

The Financial Industry Regulatory Authority (“FINRA”) indefinitely barred securities broker Scott Mason (CRD#: 3207386, Greenwood Village, Colorado). It seems that Mason, who worked for LPL Financial (2013 and 2017) and Voya Financial Advisors (2018), received two sets of sanctions by FINRA. Also, LPL clients complained about Mason. Notably, these disputes allege sales practice violations. Here’s more.

FINRA Goes After Scott Mason For Failure To Comply, Violation Of FINRA Rules

It appears that in March 2020, FINRA asked for Scott Mason to provide information. This request might have concerned Mason’s prior disclosures which include client disputes and employment separations. Mason did not respond at first, and this resulted in FINRA suspending him. Notably, Mason did not do what FINRA asked by June 28, 2020, so its suspension converted to a bar. For this reason, as of June 29, 2020, Mason is not allowed to work for FINRA-member securities firms.

Evidently, in July 2019, FINRA issued Scott Mason a four-month suspension and $5,000 fine to resolve allegations of him violating rules by borrowing more than $100,000 from an LPL client without telling the firm. In fact, on October 5, 2017, LPL disaffiliated with Mason for violating policy by becoming an owner on a client’s account. Also, the firm terminated him for borrowing from a client. It appears that Mason concealed this loan when completing compliance questionnaires for LPL. Records reflect that Western Wealth Management LLC also disaffiliated with Mason.

Client Disputes About Scott Mason

Also, when Scott Mason worked for New England Securities, he interacted with clients who later complained about him. Although all of the disputes have been denied, it is worth noting the allegations that clients made.

It seems that five investors filed disputes that concern something that Scott Mason supposedly did wrong. One client alleged that Mason misrepresented himself and his company. Another client contended that Mason sold a variable universal life insurance policy that was not suitable for them. Specifically, that client alleged that the policy did not address their goals. Supposedly, the policy purchase only increased Mason’s commissions.

Moreover, Scott Mason purportedly failed to explain risks and terms of a variable universal life insurance policy. Notably, three investor disputes allege that Mason omitted information about the policies.

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Scott Mason denies allegations of his sales practice violations. Have you experienced losses by investing with this broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have been wronged by their securities brokers or financial advisors.