Call Now For a Free Consultation:
(614) 502-6165

Details Emerge Regarding FINRA Lawsuit Against David Lerner

In its formal complaint, the Financial Industry Regulatory Authority (FINRA) has accused the Syosset, New York-based brokerage firm, David Lerner Associates (DLA) of investment fraud. FINRA cites that DLA marketed real estate investment trust shares to unsophisticated and elderly investors by using misleading information to lure unsuspecting investors to the $2 billion Apple REIT Ten offering. DLA allegedly failed to take into account whether the shares were suitable for its customers. FINRA sued DLA on Tuesday, May 31, 2011, accusing the firm of misleading investors and offering unsuitable products in the $2 billion real estate fund. FINRA claims that DLA should have conducted more due diligence on the offering. DLA has argued against FINRA’s accusations. In a statement, DLA denies the accusation.Last year, FINRA accused DLA of overcharging customers on sales of mortgage securities and municipal bonds. That case is still pending.

We Can Help

Contact an experienced investment fraud lawyer at the law firm of David P. Meyer & Associates, if you have lost money or had your funds frozen in the Apple REIT recommended by David Lerner. Our firm represents clients nationwide in securities litigation, arbitration and mediation claims. All of our cases are handled on a contingency fee and we never request a retainer of any kind for these cases. Obtain your free case evaluation by calling us or filling out our online form. Be sure to order our free book, Five Signs of Investment Fraud…And What to Do if it’s Happened to You.

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 .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation

Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
6140 Parkland Blvd.,
Suite 330
Mayfield Heights, OH 44124
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
Follow Us
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram