Billy and Alex Business David Lerner and Associates

David Lerner and Associates

Located in LAUREL HOLLOW, NY, david lerner and associates has an average salary of $145,309. Salaries at companies similar to david lerner and associates may vary, but typically include a range of benefits.

Who are associate members?

The Financial Industry Regulatory Authority ordered Syosset-based broker-dealer david lerner and associates. to pay $12 million in restitution to customers who bought into a non-traded real estate investment trust the firm sold and were charged excessive markups on municipal bonds and collateralized mortgage obligations. The self-regulatory organization also found that the broker-dealer failed to follow its own rules on recommending securities to customers that were appropriate for them.

For many of the Apple REIT investors, the investments were ill-suited to their risk tolerance and needs. The broker-dealer also failed to follow know your customer and suitability rules, allowing it to market the partnerships to older customers and those without enough investment experience. The Apple REITs have steep restrictions on repurchasing shares and are heavily concentrated, making them volatile investments.

The firm and its founder, who is still CEO of the firm, were fined a total of $2.3 million and censured by FINRA. It also agreed to change its marketing practices. The firm has offices in White Plains, New York City, Boca Raton, Florida, Lawrenceville, New Jersey, and Westport, Connecticut. It has about $4.5 billion in clients’ assets under management. Founded in 1976, the company is privately owned and has approximately 400 employees. It is the largest independently-owned securities broker-dealer in the nation.

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