Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor, Alan Mason (CRD # 1302190) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into unsuitable recommendations and violation of the Best Interest Obligation under Rule 15I-1 of the Securities Exchange Act of 1934 (Regulation BI).

The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Alan Mason.

Registration Background for Alan Mason

Mr. Mason first became registered in the securities industry in 1984. HAlan Mason Suspended from Securities Industry by FINRA for Regulation BI Violation (1)e is currently registered with New York, NY based Bradley Woods & C0., LTD. (CRD # 13660). His prior registrations include WestPark Capital, Inc. (CRD # 39914) from March 2018 to March 2023, and Wilmington Capital Securities, LLC (CRD # 133839) from January 2016 to July 2016.

FINRA’s Allegations Against Alan Mason

According to the FINRA Letter of Acceptance, Waiver and Consent (AWC) dated May 22, 2024 (No. 2021070498102), Mr. Mason consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:

  • “In February 2020, [Mr.] Mason’s customer opened an individual account at WestPark through [Mr.] Mason. She reported a moderate risk tolerance and a liquid net worth between $200,001 and $500,000. The customer’s stated investment objective was growth and income, and it did not include speculation”
  • “In July 2020, while associated with WestPark. [Mr.] Mason recommended that a retail customer invest at least 20% percent of her liquid net worth in a speculative, unrated debt security”;
  • “This recommendation was not in the customer’s best interest based on her investment profile”;
  • By virtue of his actions, Mr. Mason violated Exchange Act Rule 15I-1 of the Securities Exchange Act of 1934 (Regulation BI), and FINRA Rule 2010 regarding standards of commercial honor and principles of trade.

FINRA Suspends Alan Mason from Securities Industry

As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s May 22, 2024 AWC also indicates that Mr. Mason consented to the following sanction(s):

  • a two-month suspension from association with any FINRA member in all capacities;
  • a fine in the amount of $5,000.00; and
  • disgorgement of $1,324.38, plus interest.

Alan Mason Has a History of Securities Industry Customer Complaints

In addition to Mr. Mason being suspended by FINRA from the securities industry regarding unsuitable recommendations and violation of the Best Interest Obligation under Rule 15I-1 of the Securities Exchange Act of 1934 (Regulation BI), FINRA BrokerCheck for Mr. Mason reveals that he has history of customer complaints and/or customer-initiated arbitrations, including but not necessarily limited to the following:

  • On June 6, 2022, a customer-initiated arbitration was commenced against Mr. Mason regarding alleged actions that occurred while he was associated with WestPark Capital, Inc. The customer’s allegations included improper recommendations, failure to perform due diligence and unsuitability. The customer further alleged damages in the amount of $100,000.00. On March 27, 2023, the arbitration was settled in the amount of $33,200.00.
  • On May 23, 2009, a customer initiated a written complaint against Mr. Mason regarding alleged actions that occurred while he was associated with Gunnallen Financial, Inc. The customer’s allegations included unauthorized transactions and unsuitable recommendations. The customer further alleged damages in the amount of $5,000.00. On May 12, 2009, the complaint was settled in the amount of $25,000.00.
  • On May 21, 2002, a customer-initiated arbitration was commenced against Mr. Mason regarding alleged actions that occurred while he was associated with Gruntal & Co., LLC. The customer’s allegations included over concentration of unsuitable securities. The customer further alleged damages in the amount of $525,000.00. On October 17, 2002, the arbitration was settled in the amount of $30,000.00.

Have You Lost Money in the Stock Market?

If you or someone you know has or had a brokerage account and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.