Lincoln Lucas Mason, of Arnolds Park, Iowa, a stockbroker formerly registered with Edward Jones, has been fined $5,000.00 and suspended for 90 days by Financial Industry Regulatory Authority (FINRA) from associating with any FINRA member in any capacity because Mason engaged in an undisclosed outside business activity and thereafter supposedly made false statements regarding it. Letter of Acceptance, Waiver, and Consent No. 2022073651801 (January 17, 2024).
According to the AWC, between April of 2020 and December of 2021, Mason was involved in an outside business activity without prior written notice to Edward Jones and without the securities broker dealer’s approval. This activity was related to Montauk Properties LLC, which Mason created to hold a commercial property. FINRA stated that Mason intended to transfer this property into the LLC and use it as his Edward Jones branch office, expecting to enter into a lease agreement with the firm. However, Edward Jones’ policy prohibited this type of arrangement.
The AWC stated that Mason provided false information and documents to conceal his ownership of the property and the LLC. Therefore, he violated FINRA Rules 2010 and 3270.
Public Disclosure shows that on July 6, 2022, a customer complaint involving Mason’s conduct was settled for $36,206.66 in damages. The complaint alleged that Mason did not follow the customer’s instructions regarding the handling of their Individual Retirement Accounts (IRAs) during the time that Mason was associated with Edward Jones.
Another customer filed a complaint regarding Mason on May 18, 2023, which was denied on December 6, 2023. This complaint alleged that Mason potentially forged the customer’s signature on an account form and provided unsuitable advice regarding distributions from the customer’s investment portfolio.
Mason was discharged by Edward Jones on December 2, 2021, based on allegations related to his outside business activities and failure to cooperate with the firm’s internal investigation into his activities.