David Lerner Associates clients lost millions to brokers

NEW YORK, Sept. 22, 2022 (GLOBE NEWSWIRE) — National securities fraud attorneys KlaymanToskes announce an advance payment in their cases against David Lerner Associates (Case Nos. 21-00120, 21-01435 and 22-00019). The disturbing misconduct described in Claim 21-01435 caught the attention of FINRA’s Regulatory Division, who supported their investigation into David Lerner and his responsible brokers.

FINRA’s recent investigations into Lerner and his brokers appear to focus on a common problem: the sale of unsuitable assets. According to FINRA investigation disclosed about broker Daniel Lerner broker checkhe recommended “investments in Energy 11, LP, Energy 12, LP and Spirit of America Energy Fund SOAEX to multiple clients without reasonable grounds to believe that the investments were appropriate for those clients based on their investment profiles”.

As FINRA’s investigation progressed last week, another of Lerner’s brokers, Russ Kory, came under fire over a similar issue. Kory was sanctioned for improperly selling Energy 11, a risky investment sold exclusively at Lerner.

According to securities attorney Lawrence L. Klayman, Esq., “Our clients have lost nearly $2.5 million to 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. Selling unsuitable investments is a violation of FINRA eligibility rule.”

Past and current clients of Russ Kory, Daniel Lerner, Darren Nomberg, Michael Karp or other David Lerner brokers with losses greater than $75,000 may be eligible for compensation. If you have sustained significant casualties contact Lawrence L. Klayman, Esq. at 1 (888) 997-9956 to discuss your legal options.

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Read full story here https://www.benzinga.com/pressreleases/22/09/g28978417/david-lerner-associates-customers-lost-millions-due-to-broker-misconduct