Recovering Losses caused by Investment Misconduct

Apple REIT Ten Not the First Sign of Potential Trouble for David Lerner

Last week, the Financial Industry Regulatory Authority (FINRA) filed a complaint against David Lerner Associates alleging that the firm sold unsuitable investments with misleading information to unsophisticated, elderly, and other investors.  Specifically, David Lerner Associates’ sale of Apple REIT Ten shares is the subject of the current FINRA complaint.

However, this is not the firm’s first experience as the subject of a FINRA complaint.  In just the last seven years, David Lerner Associates has been the subject of at least five allegations of misconduct:

• In 2004, the firm was alleged to have overcharged customers for commissioned mutual funds and was fined by FINRA.
• In 2006, the firm was investigated for commissions coming from variable annuities and was again fined by FINRA.
• Last year, the firm was accused of securities misconduct for overcharging customers who purchased municipal bonds and mortgage securities.  The case is still pending.
• Also last year, the firm was alleged to have failed to provide information about variable life insurance policies and annuities.  The firm paid a fine.
• Now, David Lerner Associates is facing allegations regarding its marketing and soliciting of Apple REIT Ten shares.  The FINRA complaint filed on May 31, 2011 is still pending.

Investors who have lost money from their David Lerner Associates’ Apple REIT Ten investments may be able to recover money for their losses with the help of an experienced Ohio investment fraud lawyer.
If you have lost money or have had your investments frozen in the Apple REIT recommended by David Lerner and Associates, contact an Ohio investment fraud attorney at 614-224-6000 or toll free at 866-827-6537.

About our firm:
The law firm of David P. Meyer & Associates represents clients who have been harmed by Ohio investment fraud in mediation, arbitration, and litigation claims. We have written a book that you can order for FREE entitled,  Five Signs of Investment Fraud…And What to Do if it’s Happened to You. 


Read More about the Apple REIT Ten Allegations Against David Lerner & Associates in our library article: What You Need to Know as an Investor of David Lerner & Associates Apple REIT Ten.