FINRA Claims Lerner Tried to Coverup Apple REIT Results
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Rex Securities Law
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On June 20, 2011, two class action suits were filed against David Lerner & Associates over its sales of Apple
REITs, a family of real estate-based securities. This follows a recently filed complaint by the Financial Industry Regulatory Authority (FINRA) alleging that David Lerner Associates, Inc. has
been misleading investors about the value of the Apple REIT Ten shares. Here is a link to the FINRA Press Release about the first regulatory action against Lerner.
Lerner’s company sold $6.8 billion of the securities into some 122,600 customer accounts. His company is a prominent advertiser on New York City radio, famous for its tagline, “Take a Tip from
Poppy”, and in recent years has hosted seminars drawing hundreds of investors in the Boca Raton, FL area.
In December 2011, FINRA sued Lerner again, this time amending the prior complaint against Lerner’s company and this time naming him individually, for
statements he made in an attempt to quell anxious customers who had reason to be concerned about their investments since two class actions and a regulatory action were filed questioning the value of
the investment. …
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