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David Lerner Associates Accused of Misleading Vulnerable Investors

The Financial Industry Regulatory Authority (FINRA) has accused David Lerner Associates of misleading investors regarding their Apple REITs, in particular the unlisted Apple REIT 10. The suit alleges that the company targeted elderly and inexperienced investors without checking into how suitable these investments may be for their clients.

It is alleged that David Lerner Associates omitted information regarding distributions and income, and failed to inform investors that the distributions were financed by debt. It was also alleged that David Lerner Associates “failed to sufficiently investigate the valuation and distribution irregularities” of the REITs.

Apple REITs have made up 60% - 70% of David Lerner & Associates’ total business since 1996. Investors put $300 million into the $2 billion Apple REIT 10 this year. The company, which is well-known for its “Take a Tip from Poppy” radio campaign, denies FINRA’s allegations.

If you have lost money through an investment in Apple REITs, contact an experienced FINRA lawyer today to discuss your case. We represent victims of investment misconduct nationwide in stockbroker mediation, arbitration, and litigation claims. You can reach us at (614) 532-4576 or complete the confidential contact form at the top of this page.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

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