Numerous stockbrokers at David Lerner Associates Inc. (“David Lerner Associates”) recommended risky and speculative Puerto Rico municipal bonds to customers.
An investor may be able to recover financial losses if the recommendation was not suitable for the customer or if David Lerner misrepresented or omitted material facts about the bonds in connection with making the recommendation.
Iorio Altamirano LLP, a securities arbitration law firm based in New York, has recently filed an arbitration claim against David Lerner Associates, alleging that President and CEO Martin Walcoe and David Lerner unsuitably recommended that the customer purchase and hold Puerto Rico municipal bonds. The claim also alleges that Mr. Walcoe made material misrepresentations and omitted material facts concerning the risk and safety of the bonds. The recommendations occurred at a time when credit rating agencies were downgrading Puerto Rico municipal bonds and indicated that further credit downgrades were imminent. At the time of the recommendations, Mr. Walcoe was an investment counselor and branch manager.
Based on public records, Iorio Altamirano LLP believes that the following financial advisors at David Lerner have also recommended Puerto Rico municipal bonds to clients:
| Name | CRD No. | Branch Office |
| Anthony Francis Meere | 1251122 | Syosset, New York |
| David Allen Neuwrith | 5864663 | Syosset, New York |
| Julie Anne Morowitz | 1470359 | Syosset, New York |
| Scott Cory Ente | 2612038 | Syosset, New York |
| Robert Spender Cavanagh | 1494481 | Syosset, New York |
| Gary W Isler | 1514385 | Lawrenceville, New Jersey |
| Richard Henry Eden | 2145727 | Lawrenceville, New Jersey |
| David Beckerman | 1077047 | Westport, Connecticut |
If a broker at David Lerner recommended Puerto Rico municipal bonds to you and you have suffered investment losses, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
How to Recover Financial Losses
When an investor suffers investment losses due to misconduct by a financial advisor or broker-dealer, the investor can file a securities arbitration claim against their financial advisor and/or broker-dealer to be compensated.
Brokerage firms like David Lerner must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to sufficiently supervise its financial advisors or the investment account activity, it may be liable for investment losses sustained by customers.
Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who understands the FINRA forum and can navigate the arbitration process to effectively advocate on their behalf.
If you or a loved one were a customer of David Lerner and either sustained financial losses or suspect that the firm did not have your best interest in mind when recommending investments or account transactions, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.