Scott Mass: David Lerner Advisor Faces $200K Complaint

A recent investor complaint against Syosset, New York financial advisor Scott Mass (CRD# 1971403) alleges that he recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is a broker registered with David Lerner Associates and that past investor complaints against him have reached settlements.

Mr. Mass’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in October 2023, alleges that as a representative of David Lerner Associates, he misrepresented and recommended unsuitable mutual fund investments. The pending complaint alleges damages of $200,000.

An earlier investor complaint, filed in 2018, alleged that as a representative of David Lerner Associates, he made unsuitable recommendations, breached his fiduciary duty, acted negligently, committed fraud, and breached contract in connection with Puerto Rico bond sales. In 2019 the complaint reached a settlement of $9,000.

A third investor complaint, filed in 2016, alleged that as a David Lerner representative, he recommended an unsuitable mutual fund. In 2017 the complaint reached a settlement of $15,000.

According to the Financial Industry Regulatory Authority, Scott Mass holds 34 years of securities industry experience. Based in Syosset, New York, he has been a broker with David Lerner Associates since 1989. His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He currently holds 25 state licenses. (Information current as of November 26, 2023.)

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