David Lerner Associates Misled Investors in REIT, Finra Says
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David Lerner Associates Inc. has been accused of targeting unsophisticated and elderly customers while selling real estate investment trust shares without considering whether the illiquid security was suitable for its clients.
The Syosset, New York-based brokerage, known for its “Take a tip from Poppy” advertising slogan, misled investors who bought more than $300 million of shares in the $2 billion Apple REIT Ten offering this year, the Financial Industry Regulatory Authority said today in a disciplinary complaint on its website. The firm denies the allegations, according to a statement.