Finra bars broker involved with Dawn Bennett

Bradley Mascho already charged by SEC with abetting fraud.
JAN 16, 2018

The Financial Industry Regulatory Authority Inc. has barred Bradley C. Mascho for failing to appear at a hearing looking into his activities at Western International Securities. Mr. Masco was terminated by the firm, which is based in Pasadena, Calif., in December. Mr. Mascho and Dawn J. Bennett, who also worked at the brokerage firm, are the subjects of an investigation by the Securities and Exchange Commission into an alleged scheme that involved the sale of more than $20 million in convertible and promissory notes to at least 46 investors from December 2014 to July 2017. In December, in connection with its fraud case against Ms. Bennett, the SEC charged Mr. Mascho, the onetime chief financial officer of DJB Holdings, her investment firm, with aiding and abetting an offering fraud by the firm. The U.S. Attorney in Maryland, where Mr. Mascho lives, has opened a criminal case against him in the matter. In its letter of acceptance, waiver and consent in which it barred Mr. Mascho, Finra said that it was investigating him for "potential serious violations, including fraud, undisclosed outside business activities, and private securities transactions." In recent years, Ms. Bennett repeatedly has been in trouble with the SEC, which charged her in September 2015 with inflating both the amount of assets under management by her firm, Bennett Group Financial Services, and the investment returns obtained by the firm. After failing to appear last year at an SEC hearing before an administrative judge, she was barred from the securities industry this March. Several customer complaints against her are pending.

Latest News

Practifi rolls out AI CRM amid RIA tech arms race
Practifi rolls out AI CRM amid RIA tech arms race

Sentir joins a wave of AI-native launches as RIA firms seek a competitive edge from CRMs and artificial intelligence use.

april adds IRS tax data to platform as more RIAs seek a tax service edge
april adds IRS tax data to platform as more RIAs seek a tax service edge

Advisors gain a direct line to client tax transcripts as new data shows tax services increasingly separate top-performing firms from the pack.

Student debt drives parents toward 529 plans, Fidelity finds
Student debt drives parents toward 529 plans, Fidelity finds

New Fidelity data links parents' own loan burden to record 529 savings and delayed retirement planning.

Middle-class Americans are falling short on retirement, new report finds
Middle-class Americans are falling short on retirement, new report finds

Transamerica survey of 7,600 Americans reveals debt, inflation, and caregiving demands are derailing retirement security.

Advisor moves: Severn Wealth Management joins Cetera after departing Commonwealth
Advisor moves: Severn Wealth Management joins Cetera after departing Commonwealth

Annapolis-based firm moves its $160 million practice from Commonwealth to Cetera's Summit Financial Networks channel.

SPONSORED Direct indexing webinar targets tax-loss harvesting amid market swings

Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income