LeFranc J. Joseph
Energy 11, Energy Resources 12 Investigation
August 2022-Lawrenceville, NJ
The FINRA records of LeFranc Junior Joseph, a broker with David Lerner Associates , discloses a pending customer dispute.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In November of 2021, FINRA case#21-02780 was filed by a David Lerner Associates, Inc. customer alleging unsuitability and omissions. The alleged damages in this case are $150,000 and involve the Energy 11 private placement. The case is currently pending.
Joseph has been with David Lerner Associates, Inc. since July of 2014. Before that time, he was registered with NYLife Securities.
David Lerner’s Energy 11-Energy Resources 12 Problem
According to their annual report this year, Lerner’s proprietary fund, Energy 11 L.P., owes $45 million in unpaid distributions ($2.39 per unit). Lerner has faced multimillion dollar settlements previously in connection with the sales of proprietary products, including Apple REITs and proprietary mutual funds.
Earlier this month, veteran broker Jeffrey Basford was barred from the industry by FINRA after he refused to appear for testimony in connection with a FINRA investigation into Basford’s potential unsuitable sales of proprietary energy products to firm customers. Basford was registered with Lerner since 2006 until May 2022. In 5/2022 a David Lerner Associates customer was paid $205,000 to resolve allegations related to the sale of Energy 11 and Energy Resources 12 by Basford. There are currently two pending customer cases involving Jeffrey Basford seeking damages for the recommendation of Energy 11 and Energy Resources 12.
If you have losses in an account handled by LeFranc J. Joseph, or if you have losses on Energy 11 or Energy Resources 12 purchased from David Lerner Associates call for a no charge consultation to discuss your options for recovery of damages.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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