A recent complaint filed against Syosset, New York financial advisor Scott Mass has raised concerns about the suitability of his investment recommendations. The complaint, brought by an investor, alleges that Mass misrepresented and recommended unsuitable mutual fund investments. This is not the first time Mass has faced such allegations, as previous investor complaints have also been settled.
According to records from the Financial Industry Regulatory Authority (FINRA), Scott Mass is a registered broker with David Lerner Associates. His BrokerCheck report reveals multiple investor complaints, with the most recent filed in October 2023. The pending complaint alleges damages of $200,000, highlighting the severity of the allegations.
One of the earlier complaints, filed in 2018, accused Mass of making unsuitable recommendations, breaching his fiduciary duty, acting negligently, committing fraud, and breaching contract in connection with Puerto Rico bond sales. This complaint reached a settlement of $9,000 in 2019, indicating that the allegations had some merit.
Another investor complaint, filed in 2016, alleged that Mass recommended an unsuitable mutual fund. This complaint reached a settlement of $15,000 in 2017, further indicating a pattern of questionable investment recommendations.
Scott Mass has been a broker with David Lerner Associates since 1989 and holds 34 years of securities industry experience. Based in Syosset, New York, Mass has passed four securities industry qualifying exams, including the General Securities Principal Examination (Series 24), the General Securities Representative Examination (Series 7), the Securities Industry Essentials Examination (SIE), and the Uniform Securities Agent State Law Examination (Series 63). He currently holds 25 state licenses, making him a seasoned professional in the industry.
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Investors should be cautious when dealing with financial advisors who have a history of investor complaints and settlements. These red flags can indicate a pattern of unsuitable investment recommendations and potential financial harm. The allegations against Scott Mass should serve as a reminder to investors to thoroughly research and vet their financial advisors before entrusting them with their hard-earned money.
What Should Investors Do?
If you or a loved one have suffered investment losses due to potentially unsuitable recommendations by Scott Mass or any other financial advisor, it is essential to take action. Here are some steps you can take:
- Consult with a reputable attorney specializing in investment loss recovery to discuss your legal options.
- Gather all relevant documents and information related to your investments and interactions with the advisor.
- File a complaint with FINRA to ensure that the allegations are properly investigated.
- Consider seeking compensation through arbitration or mediation if a settlement cannot be reached.
- Continuously monitor your investments and seek advice from a trusted financial professional to avoid further losses.
Remember, it is crucial to act promptly to protect your rights and potentially recover your losses. Financial advisors have a duty to act in their clients’ best interests, and if they fail to do so, they should be held accountable.
Scott Mass, a financial advisor based in Syosset, New York, is facing a recent investor complaint alleging unsuitable investments. This complaint adds to the list of previous investor complaints that have reached settlements. Investors should be cautious when dealing with advisors who have a history of complaints and settlements, as these red flags can indicate potential financial harm. Taking prompt action, consulting with an attorney, and filing a complaint with FINRA are crucial steps for investors who have suffered losses due to potentially unsuitable recommendations. Stay vigilant and protect your investments.