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FINRA Files Disciplinary Complaint Against David Lerner Associations Inc, For Misleading Investors

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The Financial Industry Regulatory Authority (FINRA) has taken the first step in formal proceedings against David Lerner Associates LLC., (DLA) claiming the company targeted and misled unsophisticated and elderly customers in investing in Apple REIT Ten offerings, without considering whether the liquid security was suitable for the investors.

DLA responded to the disciplinary complaint in a statement saying “The firm conducted thorough due diligence of Apple REIT Ten’s offering documents and audited financial statements,” and that they “will vigorously defend these claims. It looks forward to the opportunity to set the record straight and expects to be completely vindicated.”

Last year, DLA was accused of overcharging customers on sales of municipal bonds and mortgage securities, and the company also had to pay a $255,000 fine for failing to provide required information for replacement life insurance policies and annuity contracts.
FINRA said the disciplinary complaint has not been filed in court, and that DLA can request a hearing before a disciplinary panel regarding the complaint which involved more than $300 million of shares in Apple REIT Ten.

breakinglawsuitnews.com disclaimer: This article: FINRA Files Disciplinary Complaint Against David Lerner Associations Inc, For Misleading Investors was posted on Thursday, June 2nd, 2011 at 6:59 pm at breakinglawsuitnews.com and is filed under Fraud Lawsuits.

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