David Lerner Broker, Scott Mass, Has $500,000 Pending Customer Complaint Regarding The Sale Of Puerto Rico Bonds
The Wolper Law Firm is currently investigating claims against Scott Mass, a Financial Advisor at David Lerner & Assoc. in Syosset, New York. Scott Mass has been in the securities industry since the 1980s and has worked for David Lerner his entire career.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 2, 2018, a customer filed a complaint alleging that Scott Mass recommended the sale of unsuitable Puerto Rico municipal bonds. The alleged damages are $500,000 and the matter remains pending.
Puerto Rico has been in a recession since 2006 and its economic and fiscal status deteriorated incrementally each year until its bond market ultimately collapsed in 2013. Since 2013, Puerto Rico municipal bonds have continued to deteriorate and ultimately defaulted. The island is in the process of restructuring the outstanding bonds, which may leave investors with pennies on the dollar.
Scott Mass has been the subject of four additional customer complaints in his career, alleging sales practice violations. Customers previously alleged that Scott Mass made material misrepresentations regarding the risks of investments, sold them unsuitable securities and breached his fiduciary duties.
For a full copy of Scott Mass’ FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1165082#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Scott Mass and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
The Wolper Law Firm has extensive experience handling Puerto Rico bond cases. Matt Wolper has handled hundreds of these cases since the collapse in 2013. If you or someone you know was a customer of Ralph Bianchi and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.