Dallas Texas Stockbroker Misconduct Attorney - Law Offices of Robert Wayne Pearce

Aug 5, 2020

Former Berthel Fisher Stockbroker Mason Wayne Gann Suspended for Unsuitable Recommendations

Mason Wayne Gann of Dallas, Texas submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for unsuitable recommendations in violation of FINRA Rule 2111 and 2010. From June 2012 until February 2018, Mason Wayne Gann was registered with Berthel Fisher as a General Securities Representative. According to the FINRA findings, Mr. Gann allegedly recommended and effected a risky options-trading strategy in the account of a senior customer. The FINRA findings stated that Mr. Gann knew the customer had limited income, modest retirement savings, and minimal investment knowledge and lacked a reasonable basis for believing that his recommendations were suitable. The findings also stated that Mr. Gann recommended the customer begin trading options to generate more income in his account which was valued at approximately $205,000. The customer began withdrawing $1500 each month and after two years, his account declined to approximately $120,000 with a loss of more than $12,500 as a direct result of the unsuitable options strategy because he did not produce enough income or gains to offset his withdrawals. In addition to these findings, the combined effect of investment losses and steady withdrawals reduced the customers account to below $20,000 over a 3-year period.

Former Cape Securities and Oakbridge Financial Services Broker Dana Vietor Barred for Engaging in Private Securities Transactions

Dana Bruce Vietor of Dallas, Texas submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) and agreed to be barred for allegedly engaging in private securities transactions, also known as selling away. Between January 1, 2014 and November 11, 2018, while registered with Cape Securities and Oakbridge Financial Services, Dana Vietor is alleged by FINRA to have engaged in private securities transactions totaling more than $3 million without written notice or approval from his member firms. The FINRA findings state that Mr. Vietor sold promissory notes to at least 40 customers. The promissory notes, called Deposit Agreements, were part of a start-up business venture for which Mr. Vietor was a member of the management team and, therefore, received indirect compensation for his involvement in the sale of the promissory notes, in violation of FINRA Rules 3280 and 2010.