Read the latest news relating to investor claims and broker fraud.

How David Lerner Associates Allegedly Misled Investors

Posted on Jun 09, 2011

On May 31, 2011 the Financial Industry Regulatory Authority (FINRA) filed a formal complaint against David Lerner Associates, a firm based in Syosset, New York. The complaint alleges David Lerner Associates sold shares of Apple REIT Ten to investors in a way that may have been misleading and without conducting a reasonable investigation into whether the investment was suitable for investors.

Specifically, FINRA alleges that the actions of David Lerner Associates may have been misleading because the David Lerner Associates website contained information about the distribution rates for all of the previous Apple REITs. According to FINRA, the rates were misleading because important information was left out. For example, FINRA alleges that information about recent distribution rate reductions, distributions far exceeding income, and debt that leveraged the REITs was left off the website.

David Lerner Associates has reportedly denied these allegations.

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If you have lost money or had your investments frozen in the Apple REIT recommended by David Lerner & Associates, contact an Ohio investment fraud attorney by calling us at 614-224-6000 or toll free at 866-827-6537.