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

Scott Mass is a New York based securities broker. He has worked in the securities industry for twenty-nine years. He has spent his entire career as a registered broker for David Lerner Associates.

The Allegations

  • In August 2016, a customer alleged that Scott Mass misrepresented the risks associated with a particular investment.
  • In December 2016, a customer alleged that Scott Mass recommended unsuitable securities. The alleged transgressions taking place between June of 2007 and July of 2015. This case was settled for $15,000.
  • In July 2018, a customer alleged that Scott Mass recommended unsuitable securities, breached his fiduciary duty, handled their account negligently, engaged in fraud, and breached contract all in connection with Puerto Rico Bonds. This case is currently pending. The customer is seeking $500,000 in damages.

Puerto Rico Bonds

Puerto Rico municipal bonds proved to be quite alluring to investors for a period of time. This is because these products were triple tax exempt. Since Puerto Rico is not technically a state, these municipal bonds were exempt from federal, state, and local taxes. For most tax exempt bonds, the investor has to be stationed where the bond is purchased; however, these Puerto Rico municipal bonds were the exception. Investors all over the United States could purchase these bonds and receive these tax benefits no matter where they lived. This continued until Puerto Rico’s economy was thrown into disarray. As the territory was on the verge of bankruptcy, they began to default on these bonds.

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 Scott Mass, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.