Consumer reviews and reports on scam companies, bad products and services
David Lerner Associates
David Lerner Associates Investment Advisor misrepresented himself, selling me an overconcentration of high risk illiquid investment securities which
26th of Jan, 2011 by
The problem with David Lerner Associates is not necessarily the security
product (Apple REIT), but that their salespeople go around selling it in large
volumes to people on fixed income and disability, therefore creating a
portfolio that is illiquid and over concentrated, building accounts that are
unsuitable for their investment needs.


They make a fortune in commission, and make you think that they have your
best financial interest in mind.


Meanwhile, if you question their Chief Compliance Officer and Chief legal
Council, they immediately burst out in defense, pointing out that they have no
fiduciary responsibility toward your investment portfolio. Somehow, you never
hear that when they are getting you to sign their contracts and agreements, but
they make sure it is in the fine print.


What a joke, these guys are crooks in my opinion, and I have had legislators
from the Senate banking Committee and other organizations investigating them. I
spoke with one older lady who thought she had been sold Apple computer stock,
these charming guys prey on the trusting and unknowing senior citizens.
They are disgusting predators.


DO NOT invest with anyone who is not a certified and licensed Investment
Advisor with the Securities and Exchange Commission unless you are financially
savvy and know exactly what you are buying!!!


The government attempts to separate and define broker/dealers and Investment
Advisors with specific legal requirements, explicitly for the reasons I've
pointed out above. Unfortunately, many in the "investment" business
have learned how to twist and dodge the rules to satisfy their own greed. Take
my word; I lost control of a $1,200,000.00 portfolio that was sold to me by a
David Lerner wolf hiding in sheepskin. It has had a devastating effect on
my life and my family.


Now my brother has been told that he can only redeem 62% of his portfolio, he is elderly and disabled, and was always told that he could get back 100% of his investment when needed.


Comments
3340 days ago by Davidmeyer
As an investment fraud attorney, I have been following this recent FINRA complaint against David Lerner Associates along with his past transgressions. He has consistently misled investors and a substantial disciplinary action is long overdue.

Unfortunately, your brother's situation is not rare and I have helped several clients recover their losses from investment fraud and bad broker firms. Please reach out to me, as I would be interested in talking to you about the options your brother may have in recovering his losses. You can also find more information on my blog http://www.ohio-stock-broker-fraud-attorney.com/blog/

- David Meyer

David P. Meyer & Associates
Toll free# 866-827-6537

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