The Financial Industry Regulatory Authority filed a complaint against David Lerner Associates of Syosset, NY, charging the firm with failing to check whether a non-traded real estate investment trust was suitable for investors it was selling shares to and posting misleading returns on its website.
The regulator of investment brokers said Lerner Associates, founded by a former Bayside High School history and economics teacher in Queens, solicited “investors to purchase shares in Apple REIT Ten … without conducting a reasonable investigation to determine whether it was suitable for investors.” Apple Ten is a non-traded $2 billion trust, by FINRA's account. The privately held Lerner company brands its REITS with the Apple name.
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