Mason Wayne Gann of Dallas Texas a stockbroker employed by Berthel Fisher Company Financial Services Inc. is referenced in a customer initiated investment related arbitration claim which was settled for $40,000.00 in damages on January 22, 2019 supported by accusations that (1) Gann churned the customer’s investment portfolio (2) Gann executed unauthorized trades in the customer’s account (3) Gann placed the customer in exchange traded fund and unit investment trust products along with options and stocks that were all unsuitable for the customer given the customer’s risk tolerance and (4) Berthel Fisher failed to supervise Gann’s activities.
Earlier in 2018, Gann was fined $5,000.00 and suspended from associating with any FINRA member in any capacity founded on findings that he exercised discretionary authority in accounts of six Berthel Fisher customers while lacking written authorization from both customers and the firm – conduct violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Conduct Rule 2510(b). Letter of Acceptance Waiver and Consent No. 2015043584401 (Apr. 11, 2018).
FINRA Public Disclosure confirms that Gann is referenced in two more customer initiated investment related disputes pertaining to allegations of his violative conduct while employed with Berthel Fisher Company. On January 27, 2015, a customer filed an investment related complaint involving Gann’s conduct in which the customer requested damages estimated to exceed $5,000.00 founded on accusations that the customer’s portfolio of options and stocks had been churned.
Gann is the subject of a customer initiated investment related arbitration claim which was resolved for $31,250.00 in damages based upon allegations that Gann negligently handled the customer’s investment portfolio by placing the customer in bad exchanged traded funds and options products; misrepresentations were made concerning the terms or risks of the equities and options products sold to the customer; and Berthel Fisher failed to oversee Gann’s activities in the customer’s account causing the customer unwarranted losses. FINRA Arbitration No. 18-02325 (Oct. 30, 2018).
Gann was terminated by Berthel Fisher on February 12, 2018 supported by accusations of him failing to abide by the terms of his employment while under heightened supervision.
