Lerner personally misled over 1,000 customers at four or more seminars, calling the Apple REITs “a fabulous cash cow” and a “gold mine,” Finra said. He cited the success of previous investment pools without telling prospective investors that those REITs were partially funding their payouts by borrowing money, the regulator said.
“David Lerner and his firm targeted unsophisticated and elderly customers, grossly failing to comply with basic standards of suitability,”
Lerner agreed to repay the
“I am thankful for the tens of thousands of investors who have remained steadfast and loyal to
Finra also fined
Finra cited a presentation Lerner made to about 100 customers and prospective investors at the
Lerner told investors that the program’s prospects were so good that they’d name their children after him, Finra said.
Last year, a group of investors sued
The brokerage earned
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