Mason Wayne Gann of Dallas, Texas, a stockbroker registered with Berthel Fisher Company Financial Services Inc., was the subject of a customer initiated investment related complaint that was settled on June 4, 2020, for $4,500.00 in damages based upon allegations that Gann made unsuitable recommendations of stocks when Gann was associated with Berthel Fisher Company Financial Services Inc.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Gann is referenced in three other customer initiated investment related disputes concerning Gann’s conduct while associated with Berthel Fisher Company Financial Services Inc. On January 27, 2015, a customer filed an investment related complaint involving Gann’s conduct in which the customer requested compensation based upon allegations that Gann churned the customer’s account in connection with the sale of options and equities.
On October 30, 2018, a FINRA securities arbitration claim involving Gann’s conduct was settled for $31,250.00 in damages based upon allegations that Gann mismanaged investment accounts and made misrepresentations of material fact in connection with the sale of stocks, ETFs, and options. FINRA Arbitration No. 18-02325.
Gann is also referenced in a complaint that was settled on January 22, 2019, for $40,000.00 in damages based upon allegations that Gann made unsuitable recommendations and engaged in the unauthorized trading of equities, options, unit investment trusts, and exchange traded funds.
FINRA Public Disclosure also shows that Gann has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity because Gann engaged in unauthorized trading. Letter of Acceptance, Waiver, and Consent No. 201805745201 (April 11, 2018).
According to the AWC, Gann failed to get written authorization from six Berthel Fisher Company Financial Services Inc. customers to exercise discretion in their accounts. Gann also did not receive written approval from the securities broker dealer to treat those accounts as discretionary. Gann made approximately 500 trades using discretion. As a result, he violated FINRA Rule 2010 and NASD Rule 2510(b).
Gann was also suspended for three months by FINRA because he made unsuitable recommendations. Letter of Acceptance, Waiver, and Consent No. 2018057425201 (January 27, 2020). According to the AWC, Gann recommended an options-trading strategy in the account of a retired Berthel Fisher Company Financial Services Inc. customer. The strategy was risky, and Gann had no reasonable basis for believing the strategy was suitable for the customer. As a result, Gann violated FINRA Rules 2010 and 2111.
Gann was associated with Berthel Fisher Company Financial Services Inc. in Dallas, TX, as a stockbroker from June of 2012 to February of 2018. On February 12, 2018, Berthel Fisher Company Financial Services Inc. discharged Gann based upon allegations that Gann potentially violated the terms of a heightened supervision arrangement.
