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NEW YORK, Sept. 22, 2022 (GLOBE NEWSWIRE) -- National securities fraud lawyers KlaymanToskes announce an advance in their cases against David Lerner Associates (Case No. 21-00120, 21-01435, and 22-00019). The disturbing misconduct described in claim 21-01435 caught the attention of FINRA's regulatory department supporting their investigation into David Lerner and its responsible brokers.
FINRA's latest investigations into Lerner and its brokers seem to be focused on one common issue: the sale of unsuitable investments. According to FINRA's investigation disclosed on broker Daniel Lerner's Broker Check , he“recommended investments in Energy 11, L.P., Energy 12, L.P., and Spirit of America Energy Fund (NASDAQ: SOAEX) to multiple customers without a reasonable basis to believe the investments were suitable for those customers based on their investment profiles”.
As FINRA's investigations progressed last week, another Lerner broker, Russ Kory, came under fire for a similar issue. Kory was sanctioned for the unsuitable sale of Energy 11, a risky investment exclusively sold at Lerner.
According to securities attorney Lawrence L. Klayman, Esq.,“Our clients have lost nearly $2.5 million at the hands of David Lerner Associates and its brokers. Lerner and its brokers must consider a client's needs before recommending investments, including their age and employment status. The sale of unsuitable investments is a violation of FINRA's Suitability Rule .”
Former and current customers of Russ Kory, Daniel Lerner, Darren Nomberg, Michael Karp, or other David Lerner brokers with losses in excess of $75,000 may be entitled to compensation. If you have sustained significant losses, contact Lawrence L. Klayman, Esq. at 1 (888) 997-9956 to discuss your legal options.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered more than $245 million for investors in FINRA arbitrations. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
Lawrence L. Klayman, Esq.
Tags David Lerner Associates finra arbitration finra investigation investment losses Spirit of America Fund SOAEX Energy 11 LP Class Action Related Links
- Broker Check
- FINRA's Suitability Rule
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