Broker Bradley Carl Mascho Complaints – Compensation & Help

Bradley Carl Mascho Barred from Industry – Customers May Be Able to Recover Losses

The Financial Industry Regulatory Authority as well as the U.S. Securities and Exchange Commission have barred Bradley Carl Mascho from acting as a broker or investment advisor. Macho also cannot associate with firms that sell securities or provide investment advice to the public.  Mascho had 20 years of experience spanning five different firms before he was barred, these firms include:

  1. Western International Securities, Inc. (10/01/2009 – 12/05/2017)
  2. Royal Alliance Associates, Inc. (2/16/2006 – 10/06/2009)
  3. Legg Mason Wood Walker, Incorporated (9/16/1999 – 2/23/2006)
  4. IDS Life Insurance Company (3/18/1997 – 7/27/1999)
  5. American Express Financial Advisors (3/18/1997 – 7/27/1999)

According to Mascho’s plea agreement, Mascho began working with Dawn J. Bennett at Bennett Group Financial Services, LLC (“BGFS”) beginning in at least 2009.  Bennett used BGFS to provide financial services to clients in Maryland and elsewhere. Bennett formed BJB Holdings in 2013, an online retailer for luxury sportswear, and Mascho acted as the chief financial officer of DJB holdings.

Bennett and Mascho solicited BGFS clients to invest in DJB Holdings between December 2014 and April 2017 offering an annual interest rate of 15% via convertible or promissory notes, according to the plea agreement. During this period, the pair solicited and received over $20 million from more than 40 investors. Evidence showed that Mascho and Bennett were using these funds to pay for personal expenses and repay previous investors with funds from newer investors. These alleged actions are similar to a Ponzi scheme. Following these actions, Mascho was sentenced to federal prison for conspiracy in 2019.

Mascho was charged with conspiracy to commit securities fraud as well as making a false statement. Mascho has also been the subject of over a dozen customer complaints. According to available records, over $2 million has been paid out in settlements for claims that have been resolved.

A Ponzi scheme often promises high returns with little or no risk. These schemes use money from new investors to pay earlier investors and organizers may even steal some of the money for themselves.

 
 
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