Articles Posted in Reg BI

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Lincoln Mason (Mason), previously associated with Edward Jones, has at least 2 disclosable events. These events include one customer complaint, one tax lien, alleging that Mason recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 17, 2024.

Without admitting or denying the findings, Mason consented to the sanctions and to the entry of findings that he engaged in an OBA without providing prior written notice to and receiving his firm’s approval of that activity. The findings stated that Mason created and was the sole member of a LLC for the purpose of holding a commercial property suitable for a single business office that he owned. When Mason created the LLC, he intended to transfer his commercial property into the LLC, and to use the commercial property as his firm branch office, whereby the firm would pay Mason rent, through the LLC. For his branch office. The firm became aware of the LLC as a result of its compliance program. At that time, however, the LLC did not hold any assets, and his firm approved the OBA. Later, Mason transferred his commercial property into the LLC, and contacted the firm to establish that property as his Edward Jones branch office. Mason was advised by the firm that properties owned by associated persons could not be used as a branch office. Mason provided false information and fictitious documents to the firm in order to hide his ownership interest in the LLC and its property and induce the firm to lease that property for his branch office. Mason’s firm entered into a lease agreement with the LLC and unknowingly allowed Mason to use the property that he owned as his branch office. After executing the lease agreement, the firm’s compliance department continued to request additional information from Mason regarding the LLC and required him to provide an updated OBA disclosure form. While Mason acknowledged his ownership interest in the LLC at this time, he falsely claimed that the only property it held was a ‘storage facility’. Mason also claimed that he had sold the commercial building and that the purchase funds had changed hands, neither of which was true. Prior to any rent payments being made, Mason’s firm terminated the lease agreement and terminated Mason’s registration shortly thereafter.