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October 22, 2012
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Blog, Securities Fraud
The Financial Industry Regulatory Authority Inc. recently announced that it has ordered David Lerner & Associates to pay $12 million in restitution to clients who bought shares of a nontraded real estate investment trust known as Apple REIT 10. Finra also fined David Lerner Associates more than $2.3 million for
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April 5, 2012
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Blog, Securities Fraud
A Financial Industry Regulatory Authority Inc. hearing panel recently ordered David Lerner to pay more than $3.7 million in fines and restitution for overcharging retail customers on sales of more than 1,500 municipal bonds and 1,700 collateralized-mortgage-obligation transactions. According to a FINRA release, David
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January 31, 2012
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Blog, Securities Fraud
It is being reported that FINRA recently filed an enforcement complaint against David Lerner individually for allegedly misleading investors about risk and valuation when marketing a $2 billion non-traded real estate investment, Apple REIT (the same investment for which FINRA began a similar proceeding against David
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July 18, 2011
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Blog, Securities Fraud
According to the Investment News, clients of David Lerner Associates Inc. holding shares in nontraded REITs created by Apple REIT Cos. Inc. received account statements at the end of last month in which the longtime value of the shares was shown as “not priced.” For years, shares of the real estate investment
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June 28, 2011
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Blog, Securities Fraud
Despite the writing on the wall, David Lerner continues to maintain that there is nothing wrong with the Apple REITs that it has sold to thousands of investors over the years. This position is not surprising considering the financial impact that a decline in Apple REITs value will have on the bottom line for David
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June 1, 2011
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Blog, Securities Fraud
According to the Investment News, David Lerner Associates Inc. has been accused of targeting unsophisticated and elderly customers while selling real estate investment trust shares without considering whether the illiquid security was suitable for its clients. The Syosset, New York-based brokerage, known for its
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