Mason Gann, Formerly of Berthel Fisher, Suspended by FINRA Over Alleged Unsuitable Investments

Gann allegedly recommended high-risk investments to an elderly retiree.

The Sonn Law Group is investigating allegations that Mason Gann recommended unsuitable investments. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Mason Gann (CRD#: 4030936) consented to the sanctions of a three-month suspension. He also consented to the entry of findings that he recommended and effected a risky options-trading strategy in a senior customer’s account, who had limited income, modest retirement savings, and minimal investment knowledge. 

The findings stated that Gann lacked a reasonable basis for believing that his options recommendations were suitable for the customer, given what he knew about the customer’s investment profile. The customer’s account value was approximately $205,000. Since retiring, the customer had taken $1,500 monthly withdrawals from his IRA to pay for current expenses. The customer had also occasionally withdrawn larger amounts to pay other expenses.

The customer informed Gann that he intended to continue withdrawing $1,500 on a monthly basis indefinitely. Although several of the options contracts Gann recommended to the customer were profitable, he lost more than $12,500 as a direct result of the unsuitable options strategy that Gann recommended to him and effected on his behalf. The combined effect of investment losses and steady withdrawals had reduced the customer’s account balance to below $20,000.

In 2018, Gann was named in a customer dispute. The client alleged that between 2012 and 2018, Gann mishandled and misrepresented her account by placing her in unsuitable and risky investments. The client also alleges the firm failed to supervise the activity in her account.

The matter was settled for $31,250. Gann was also suspended by FINRA for twenty business days in April 2018 for exercising discretion in customers’ accounts without prior written authorization. In February 2018, Gann was discharged from Berthel Fisher & Company for “possible violation of terms of heightened supervision.” 

Contact Us Today

The Sonn Law Group is currently investigating allegations that Mason Gann recommended unsuitable investments. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.