David Lerner and AssociatesDavid Lerner and Associates
The firm is a broker-dealer that sells securities to customers. The company also offers financial advisory services. It operates in the United States. The company was founded in 1976 and is headquartered in Syosset, New York.
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In the past, david lerner associates reviews has been under fire for selling illiquid investments to unsophisticated investors and charging excessive markups. The firm has been fined by FINRA for violations of securities regulations.
FINRA has alleged that the firm failed to perform adequate due diligence in connection with Apple REIT Ten sales and misrepresented the nature of this non-traded real estate investment trust to investors. In addition, the brokerage firm allegedly failed to properly disclose the risks associated with the investment and charged excessive commissions on the sale of the REIT.
Investors who were sold Apple REIT Ten and/or the in-house energy funds Energy 11 LP and Energy Resources 12 LP have reported losses of millions of dollars in their accounts. The company has a number of pending investor disputes and one settled dispute in which the customer lost $250,000.
Despite these losses, the company continues to operate. Its most recent filing with the SEC reveals that the firm has negative net worth, which is a fancy way of saying the company owes more than it has. If the company can’t raise more capital, it may be forced to close its doors or sell itself. If you invested in the company, you should consult with a national investor law firm to discuss your options for recovery.
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