Former Edward Jones broker Lincoln Mason (CRD# 7057393) is accused of selling away. He was registered with Edward Jones in Arnolds Park, Iowa, from 2019 to 2021, when he was terminated regarding, “Concerns relating to outside business activities and failure to cooperate with internal investigation of the same.”
In March 2018, the Iowa Insurance Commissioner sanctioned him to pay a $5,000 civil and administrative penalty following allegations that he “did not deposit funds received for preneed funeral expenses in an irrevocable trust account in the consumer’s name at a financial institution. Additionally, the payment to respondents sales agent annual report filed by the agent and preneed seller annual report filed by the funeral home did not report the payment on an annual report to the Iowa Insurance Division.”
In January 2024, FINRA suspended him for 90 days and sanctioned him to pay a $5,000 civil and administrative penalty after he consented to the sanctions and to the entry of findings that he engaged in an outside business activity (selling away) without providing prior written notice to and receiving his firm’s approval of that activity. FINRA found that he “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.” FINRA further found that he “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.”
Lincoln Mason Customer Complaints
He has been the subject of two customer complaints between 2021 and 2023, according to his CRD report:
May 2023. “Client alleges the financial advisor likely forged the client’s signature on an account form. Client also alleges there is liability for the advice the financial advisor provided regarding Social Security elections and portfolio distributions.” The case is currently pending.
December 2021. “The client alleges that he did not want his IRAs cashed in.” The case was settled for $36,206.66. The complaint was regarding mutual fund losses.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Edward Jones may be liable for investment or other losses suffered by Lincoln Mason’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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