Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on November 17, 2017 indicate that New York-based brokerage and advisory firm David Lerner Associates was recently sanctioned by FINRA in connection to alleged rule violations. Fitapelli Kurta is interested in hearing from investors who have complaints regarding David Lerner Associates (CRD# 2395948).
Established in New York in 1975, David Lerner Associates is headquartered in Syosset, New York and registered with 47 US states and territories. David Lerner is Shareholder; James Curran is Financial and Operations Principal; John Dempsey Jr. is President; Allen Holeman is Chief Compliance Officer; and Martin Walcoe is Executive Vice President. The firm is registered with two self-regulatory organizations (SROs), FINRA and the Securities and Exchange Commission (SEC).
According to the firm’s BrokerCheck report, David Lerner Associates has received 20 customer complaints that evolved into arbitration and 21 regulatory sanctions, including a recent FINRA fine.
In November 2017 FINRA sanctioned the firm following allegations it “failed to timely file the amendments to Form U4 and Form U5 that the firm submitted to FINRA.” The firm also allegedly failed to file Form U4 amendments disclosing customer complaints regarding alleged sales practice violations, and also allegedly failed to timely file Forms U5 disclosing that it had terminated the registration of fourteen representatives. FINRA’s findings stated further that the firm failed to report two arbitrations brought by customers that led to settlements exceeding $25,000, and also allegedly failed to timely report information concerning 17 written customer complaints. According to FINRA, David Lerner Associates failed to establish and maintain supervisory procedures that were reasonably designed to attain compliance with its obligation to report information to FINRA on the U4 and U5 forms, and that the firm lacked procedures to supervise whether U4 and U5 amendments concerning customer arbitrations against the firm, or the firm’s representatives, were timely submitted to FINRA. In connection to these and other allegations, the firm was censured and issued a fine of $75,000.
If you or someone you know has lost money investing with David Lerner Associates, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited by law, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.