Scott Mason of Lakewood Colorado a stockbroker formerly employed by LPL Financial LLC has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on accusations that Mason failed to cooperate with the regulator’s request for his information. Case No. 2018058924501 (Apr. 20, 2020). Mason will be automatically barred by the regulator on June 29, 2020 if he fails to seek the termination of his suspension.
This is not the first time that Mason has been sanctioned by FINRA. He has been fined $5,000.00 and suspended for four months from associating with any FINRA member in any capacity supported by consenting to findings that he borrowed money from a customer of LPL Financial. Letter of Acceptance Waiver and Consent No. 2017056094901 (July 3, 2019). According to the AWC, Mason procured $108,360.00 from an LPL Financial customer without ever seeking or obtaining permission from the securities broker dealer beforehand. FINRA determined that Mason’s unauthorized customer loan was violative of FINRA Rules 2010 and 3240.
Mason has been identified in five customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was employed by New England Securities. A customer filed an investment related complaint in reference to Mason’s conduct where the customer sought $16,216.76 in damages based upon accusations that misrepresentations were made by Mason and that the customer was sold inappropriate insurance. Another customer filed an investment related complaint in reference to Mason’s conduct where the customer sought $24,200.05 in damages based upon accusations of unsuitable variable universal life insurance being sold to the customer given the customer’s goals or financial situation. The claim alleges that Mason sold the policy solely to make commissions from the customer.
Mason is the subject of a customer initiated investment related complaint in which the customer requested $14,683.00 in damages based upon allegations of non-disclosures by Mason as it pertained to insurance premiums and the exposure of the policy to the stock market. Another customer filed an investment related complaint involving Mason’s conduct in which the customer requested $18,847.00 in damages based upon allegations that Mason concealed terms of variable life insurance. The stockbroker is also referenced in a customer initiated investment related written complaint in which the customer alleged that the variable life insurance policy sold to him had not been reasonably explained by Mason.
Mason was discharged by LPL Financial on October 5, 2017 founded on accusations that he borrowed money from a customer in contravention of the securities broker dealer’s policies or procedures. Between August 30, 2018 and November 19, 2018, he was employed by Voya Financial Advisors Inc.
