FKlogoThe securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding New York-based Network 1 Financial Securities broker David S. Lerner.

David S. Lerner (CRD# 1883553) has spent 24 years in the securities industry, and has been registered with Network 1 Financial Securities since 2014. Previous registrations include Buckman, Buckman & Reid of New York (2013-2014); Broadband Capital Management of New York (2011-2013); Wilmington Capital Securities of New York (2008-2011); Sandgrain Securities of New York (2002-2008); and First Union Securities of St. Louis (1998-2000). Mr. Lerner is registered in two US states.

According to his BrokerCheck report, David S. Lerner is the subject of ten customer complaints pertaining to his time at Sandgrain Securities, First Union Securities, and elsewhere.

  • In 2010 a customer alleged David S. Lerner, in his capacity at Sandgrain Securities, made unsuitable investment recommendations. The complaint settled in 2011 for $45,000.
  • In 2000 David S. Lerner was discharged from his position at First Union Securities following allegations that he failed to adhere to firm policies with regard to “possible trade errors.”
  • In 2000 a customer alleged David S. Lerner, in his capacity at First Union Securities, failed to follow the customer’s instructions in that he “overpurchased” $10,000 shares of an equity security and sold only a portion of his order to sell 200 option contracts.” The complaint settled for $193,966.
  • In 2000 a customer alleged David S. Lerner, in his capacity at First Union Securities, failed to follow the customer’s instructions to sell two equity stocks. The complaint settled for more than $23,000.
  • In 2000 a customer alleged David S. Lerner, in his capacity at First Union Securities, engaged in unauthorized equity trading. The complaint settled for $408,945.
  • In 2000 a customer alleged David S. Lerner, in his capacity at First Union Securities, failed to follow the customer’s instructions, entering only 10,000 shares of his 20,000 share order of an equity stock. The complaint settled for $213,000.
  • In 2000 a customer alleged David S. Lerner, in his capacity at First Union Securities, entered an unauthorized equity trade in the customer’s account. The complaint settled for more than $151,000.
  • In 2000 a customer alleged David S. Lerner failed failed to execute an order to liquidate the customer’s account, and further that Mr. Lerner made unauthorized trades in the account. The complaint settled in 2001 for $350,000.

If you or someone you know has lost money investing with David S. Lerner, Sandgrain Securities, or First Union Securities, call 877-238-4175 now for a free consultation. You may entitled to recover your losses. All cases are taken on a contingency fee, which means we do not get paid unless and until you recover money. Time to file your claim may be limited, so do not delay. Call 877-238-4175 now to speak to an attorney for free.