Broker Spotlight: Daniel T. Lerner of David Lerner Associates, Inc. Facing Three Pending Securities Arbitration Complaints – White Plains, New York — Securities Arbitration Lawyer Blog

**Update: 4/19/21** In March 2021 another customer filed a securities arbitration complaint against Daniel Todd Lerner and David Lerner Associates, Inc. The customer has alleged over $515,000 in damages as a result of unsuitable investment recommendations related to Energy 11 and an unspecific mutual fund (possibly, SOAEX). The complaint alleged unsuitability, misrepresentation, breach of fiduciary duty, and unauthorized trading.

Spirit of America Energy Fund (SOAEX): How to Recover Investment Losses From David Lerner Associates, Inc.

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Broker Spotlight: Daniel T. Lerner of David Lerner Associates, Inc. Facing Three Pending Securities Arbitration Complaints – White Plains, New York

Daniel Todd Lerner is a stockbroker with David Lerner Associates, Inc. (“David Lerner ”) in White Plains, New York, with a history of customer complaints.

Mr. Daniel T. Lerner has been the subject of seven customer complaints, which include three pending disputes. The pending disputes are securities arbitration claims filed by customers of Mr. Daniel T. Lerner, alleging that he unsuitably recommended purchasing Energy 11, LP, a limited partnership investment that invests in offshore oil and gas properties. Two of the complaints also include allegations that Mr. Daniel T. Lerner unsuitably recommended the purchase of the Great Art Fund. All three complaints allege that Mr. Lerner misrepresented and omitted material facts related to these investments.

Separately, in January 2021, a customer alleged $100,000 in damages resulting from unsuitable investment recommendations concerning a mutual fund, as well as interests in Direct Participation Programs (DPP) and Limited Partnerships (LPs). A DPP is a financial security that enables investors to participate in a business venture’s cash flow and tax benefits. The customer did not file a securities arbitration complaint. Instead, the customer complained directly to David Lerner, and the firm denied the complaint. Customers such as this investor may still file a securities arbitration complaint. They should contact an experienced securities arbitration attorney to further consultation.

If you have lost money with broker Daniel T. Lerner or David Lerner Associates, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

David Lerner Associates, Inc.

David Lerner Associates, Inc. is an SEC-registered broker-dealer and FINRA member with branch offices in White Plains, NY; Westport, CT, Teaneck, NJ; Syosset, NY; Princeton, NJ; and Boca Raton, FL.

David Lerner’s branch office in White Plains, NY, currently has 27 registered brokers.

Iorio Altamirano LLP recently filed a securities arbitration claim against David Lerner related to unsuitable recommendations made by President and CEO Martin Walcoe. Click here to read more about the claim.

Financial Advisor Daniel Todd Lerner (CRD No. 1255769)

Mr. Daniel T. Lerner has 35 years of experience in the securities industry and has been associated with the following brokerage firms:

David Lerner Associates, Inc. in Whites Plains, New York, from September 2000 – the present.
Prudential Securities Incorporated in New York, New York, from February 2000 – August 2000.
Charles Schwab & Co., Inc. in San Francisco, California, from November 1999 – January 2000.
L. Stern & Co., LLC in Beverly Hills, California, from June 1999 – November 1999.
Bear, Stearns & Co. Inc in New York, NY from February 1999 – May 1999.
SSH Securities, Inc. in Syosset, NY from May 1998 – February 1999.
David Lerner Associates, Inc. from March 1985 – February 1999.

Since returning to David Lerner, Mr. Daniel T. Lerner has been the subject of seven customer complaints:

Customer Dispute (January 2021): A customer alleged $100,000 in damages resulting from unsuitable investment recommendations concerning a mutual fund, as well as interests in Direct Participation Programs (DPP) and Limited Partnerships (LPs). The customer did not file a securities arbitration complaint. Instead, the customer complained directly to David Lerner, and the firm denied the complaint.
Customer Dispute (October 2020): Customers with a joint account alleged $170,000 in damages resulting from what appears to be unauthorized transactions in February 2017 related to Energy 11 L.P. The customers did not file a securities arbitration complaint. Instead, the customers complained directly to David Lerner, and the firm denied the complaint.
Customer Dispute (October 2020): A customer alleged unsuitability, misrepresentation, fraud, and breach of conduct in connection with a recommendation regarding Energy 11 L.P. The dispute is still pending.
Customer Dispute (July 2020): A customer alleged $175,000 in damages resulting from unsuitable investment recommendations concerning Energy 11 L.P., Great Art Fund, and a mutual fund. The customer also alleged misrepresentation and breach of fiduciary duty. The dispute is still pending.
Customer Dispute (April 2019): A customer alleged unsuitability, misrepresentation/omission, breach of fiduciary duty, and failure to supervise in connection with recommendations regarding Energy 11 L.P., Great Art Fund, a mutual fund, and an insurance product. The dispute is still pending.
Customer Dispute (August 2016): A customer alleged misrepresentations from August 2015 to August 2016 in connection with a mutual fund recommendation. The customer did not file a securities arbitration complaint. Instead, the customer complained directly to David Lerner, and the firm denied the complaint.
Customer Dispute (March 2003): A customer alleged that an ACAT Form was incorrectly marked “liquidate and transfer” by David Lerner. The account was liquidated by another firm, which refused to reverse the trades. The customer did not file a securities arbitration complaint. Instead, the customer complained directly to David Lerner, and the firm denied the complaint.

Mr. Daniel T. Lerner has denied any wrongdoing.

David Lerner Associates, Inc. – Supervisory Duties

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.

How to Recover Financial Losses or Obtain a Free Consultation

If you or a loved one were a customer of Mr. Daniel T. Lerner or 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.