David Lerner Associates In Trouble For Securities Law Violations Before
Yesterday, FINRA, an independent securities firm regulator, released a complaint against David Lerner Associates regarding their suspicious Apple REIT Ten marketing and solicitation practices. The allegations of misconduct against the New York investment company are far from the first.- In 2004, David Lerner Associates was caught allegedly overcharging customers for commissioned (front-loaded) mutual funds. They were fined over $32,000 by FINRA.
- In 2006, the investment company was investigated regarding the commissions generated through the sales of variable annuities. They were fined $400,000.
- In 2010, David Lerner Associates was accused of overcharging customers regarding the sale of municipal bonds and mortgage securities. The securities misconduct case is still pending.
- Just seven months ago, the company was once again disciplined for allegedly failing to provide information regarding variable life insurance policies and annuity contracts. They paid a $255,000 fine.
In addition to the above fines by FINRA, David Lerner Associates has also been forced to pay former clients after FINRA arbitration. These client claims have involved breach of contract, negligence, the omission of facts, and the sale of unsuitable investments, among other various acts of investment misconduct.
If you believe you have lost money with David Lerner Associates, contact an experienced investment fraud lawyer today about your possible claim. For a free case evaluation call us toll free at 866-827-6537 or fill out our online form.
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