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Geary Mason Involved in Investor Dispute Over Unsuitable Investments

Geary Mason (CRD#: 1863783), a registered representative with Stifel, Nicolaus & Company, Incorporated (CRD#: 793) in New Orleans, Louisiana, is currently involved in an investor dispute over unsuitable investments, according to his BrokerCheck record accessed on June 23, 2020. What happened to lead to this complaint against Geary Mason? Read on to learn more. 

Geary Mason

On May 6, 2020, a customer filed a complaint against Geary Mason, alleging that he recommended unsuitable investments. What does it mean to recommend unsuitable investments? As part of their duties, brokers are required to only recommend investment products that are “suitable” for a given customer based on their specific investment goals and needs. In conducting a “customer-specific suitability analysis,” brokers should take into account the following factors:

  • age
  • risk tolerance
  • need for liquidity
  • short-term investment goals
  • long-term investment goals

This is not the only disclosure listed on Geary Mason’s BrokerCheck record. On July 27, 2009, he was terminated from Merrill Lynch, Pierce, Fenner & Smith Incorporated. The firm found that he violated firm policy in three ways:

  1. By exercising discretion in client account
  2. By mismarking order tickets 
  3. By executing unsuitable trades in the accounts of elderly investors

Why would a broker mismark order tickets? Unscrupulous brokers may mismark solicited trades as unsolicited. “Solicited” trades are the broker’s idea, whereas “unsolicited” trades are the client’s idea. It’s definitely a red flag if you didn’t initiate a trade, but your broker marks it as “unsolicited.” Some brokers mismark trades to later say that a given trade was the investor’s idea, not the broker’s, in an attempt to shift blame to the customer if the trade is later found to be unsuitable. For more information on unsolicited versus solicited trades, see our article “Solicited vs.n Unsolicited Trades: Understanding the Differences.” 

Geary Mason has passed the Series 65 – Uniform Investment Adviser Law Examination, the Series 63 – Uniform Securities Agent State Law Examination, the SIE – Securities Industry Essentials Examination, the Series 7 – General Securities Representative Examination. He is registered to sell securities in Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Louisiana, Maryland, Michigan, Mississippi, New York, North Carolina, Ohio, Oklahoma, Tennessee, Texas, Utah, Virginia, and Wisconsin. He is also a Registered Investment Advisor (RIA) in Louisiana and Texas. 

Geary Mason has worked in the securities industry for more than three decades. Over his 31-year career in the securities industry, he has worked for four brokerage firms. In addition to his current role with Stifel, Nicolaus & Company, Incorporated (CRD#: 793) in New Orleans, Louisiana, he has also worked for the following firms:

  • Sterne, Agee & Leach, Inc. (CRD#: 791)
  • Sterne Agee Asset Management, Inc. (CRD#: 130888)
  • Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#: 7691)

If Geary Mason was your broker and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn more about your options for investment loss recovery. Call (877) 238-4175 or email info@fkesq.com for your free case consultation with a securities attorney. 

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