Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Alan Mason (Mason), currently associated with Bradley Woods & Co. Ltd., has at least 2 disclosable events. These events include 2 regulatory events, 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 August 09, 2024.
In May 2024, without admitting or denying the findings, Mason entered into an Acceptance, Waiver and Consent (‘AWC’) with FINRA wherein Mason consented to the entry of findings that, in February 2020, he opened an individual account for a customer with a reported moderate risk tolerance, a liquid net worth between $200,001 and $500,000 and a stated investment objective of growth and income that did not include speculation. In February 2020 and July 2020, he recommended that the customer invest $50,000 each in GWG L Bonds, whose offering document stated that the bonds were speculative, involved a high degree of risk, were illiquid, and were only suitable for persons with substantial financial resources and no need for liquidity. The customer’s investment in the GWG L Bonds represented at least 20 percent of her liquid net worth. The AWC further found that Respondent’s recommendation that the customer invest an additional $50,000 in GWG L Bonds in July 2020 was not in her best interest based on her investment profile, including moderate risk tolerance, considering the high degree of risk associated with the GWG L Bonds. Mason agreed to a two-month suspension from associating with any FINRA member in all capacities, the payment of a fine in the amount of $5,000, and the disgorgement of $1,324.38 plus interest.