The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Mason Gann. According to his publicly available FINRA BrokerCheck report, Mason Gann has been the subject of multiple customer disputes.

Mason Gann operated most recently as a Texas based securities broker. He worked in the securities industry for eighteen years. During his career, he was registered with three different securities firms.

His Registrations

  • Wachovia Securities (1999-2004)
  • Milkie/Ferguson Investments (2004-2012)
  • Berthel Fisher & Company (2012-2018)

The Allegations

  • In January 2018, a customer alleged that Mason Gann invested him in securities that were unsuitable based on his risk level. The customer also alleged that Gann made unauthorized trades and churned their account. This case was settled for $40,000 in damages.
  • In February 2018, Mason Gann was discharged from his position at Berthel Fisher & Company following allegations that he violated the terms of heightened supervision.
  • In April 2018, Mason Gann was officially sanctioned by FINRA. The findings in this matter state that he exercised discretion in multiple customer accounts without express written permission to do so, or by having his member firm approve the accounts as suitable for discretionary trading. Due to these alleged actions, he was fined $5,000 and suspended from acting as a securities broker in any fashion for a period of twenty business days.
  • In May 2018, a customer alleged that Mason Gann mishandled and misrepresented her account by placing her in highly unsuitable investments. This case was settled for $31,250 in damages.

Churning

The main way that securities brokers like Mason Gann are compensated for their services is by charging their customers a portion of their principal investment as their commission for brokering the trade. However, this method of compensation can easily lead to a fraudulent trading practice known as churning. Churning takes place when a securities broker excessively trades the account of their customer, even if there is actual financial benefit to do so. The securities broker does this with the express purpose of generating larger commissions for themself. This can cause significant financial detriment to investors due to the fees that rack up and drastically cause their principal investment to deteriorate.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Mason Gann, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.