NorthStar Financial Services (Bermuda)Learn More Here. Se Habla Español.

Articles Posted in David Lerner & Associates

Family of Senior Investor Pursues Up to $500K in Damages on His Behalf

The family of a Connecticut widower has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against David Lerner Associates after the older investor suffered a six-figure loss in Energy 11 and Energy Resources 12, which are sold exclusively by the brokerage firm to its customers. 

The claimant, who suffers from diminished capacity and is not fluent in English, is an unsophisticated investor who should never have been invested in these oil and gas-related investments. Yet for whatever reason, a David Lerner Associates broker unsuitably recommended both of these financial products. 

Florida Energy 11 Investor Alleges Unsuitability, Misrepresentations and Omissions

A senior investor says that a David Lerner Associates broker unsuitably recommended that she invest in Energy 11, LP. This non-public limited partnership has been exclusively marketed and sold by the broker-dealer to its clients, costing many of them significant investment losses. Many of these customers should never have been advised to purchase this oil and natural gas private placement. 

Our Energy 11 investment fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are representing this retiree in her Financial Industry Regulatory Authority (FINRA) arbitration claim to pursue damages. If you are an investor who suffered losses in Energy 11 LP, contact SSEK Law Firm at (813) 560-2992 in Florida or, throughout the US, call (800) 259-9010 today.

Claimant Suffered Significant Losses in Non-Traded Oil and Gas Investment 

An investor recently filed a Financial Industry Regulatory Authority (FINRA) arbitration claim against the brokerage firm, David Lerner Associates for losses he sustained in the Energy 11, LP, an oil and gas private placement that many of the firm’s brokers have sold exclusively to customers. 

This claimant worked, specifically, with David Lerner Associates broker Lawrence Merl, whom he says that the broker-dealer failed to properly supervise.

Former David Lerner Associate Broker May Have Sold Spirit of America Energy Fund Among Others to Customers  

The Financial Industry Regulatory Authority (FINRA) has suspended Florida-based broker, Charles Bonilla, for six months. The action comes over allegations that he unsuitably recommended two energy investments to customers while he was a David Lerner Associates stockbroker without having enough knowledge about them.  

Bonilla agreed to the FINRA suspension. He will pay both a $5K penalty and more than $22,400 in disgorgement plus interest. However, he is not denying or admitting to the self-regulatory organization’s (SRO’s) findings. 

FINRA Arbitration Claim Seeks $250K in Damages, Possibly Involving Energy 11 LP

An investor has filed a Financial Industry Regulatory Authority (FINRA) arbitration claim naming David Lerner Associate, Glenn Howard Werner. Seeking $250K in damages, the claimant contends that misrepresentations and omissions, unsuitable investment recommendations, and a breach of fiduciary duty occurred. 

While not specified in Werner’s BrokerCheck, some sources report that mutual funds and energy investments, including Energy 11, LP may have been involved.

FINRA Arbitration Claim Seeks Up to $100K in Damages for Investor’s Losses

A New York widow is pursuing damages from David Lerner Associates after she suffered losses from investments she purchased at broker Michael Joseph Norton’s recommendation, including the firm’s proprietary Energy 11, LP private placement. Norton, a Syosset, NY stockbroker, has been named in several customer disputes. 

Our New York securities fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are representing this senior investor in her Financial Industry Regulatory Authority (FINRA) arbitration claim against the brokerage firm. She is seeking up to $100K damages along with interest, costs, and legal fees. 

Pending Customer Disputes Involving David Lerner Associates Broker Rafael Klein Seek $300K in Damages

Rafael Scott Klein, a David Lerner Associates broker and Spirit of America Management Corp. investment advisor, may have unsuitably sold investments in Energy 11, LP to customers. Energy 11 is a non-traded limited partnership set up to acquire and develop natural gas and oil properties in the United States. It was marketed and sold through David Lerner Associates but is no longer available to new investors. 

According to BrokerCheck, Rafael Klein, who has been a David Lerner Associates registered representative for 15 years, is currently the subject of two pending customer disputes. 

Proprietary, Non-Traded Oil, Gas and Energy Investments Plunged  In Value

If your David Lerner Associates broker recommended and sold you any of the firm’s proprietary non-traded oil and gas investments and you sustained significant losses, you may have grounds for an investor fraud claim for damages. 

The privately-held broker-dealer exclusively sold investments and mutual funds to customers in its Spirit of America Energy Fund (NASDAQ: SOAEX), as well as its Energy 11 LP and Energy Resources 12 LP. 

Retiree Alleges Overconcentration in Spirit of America Energy Fund 

David Lerner Associates and its registered representative, Gary Walter Isler, are once again the subject of a Financial Industry Regulatory Authority (FINRA) arbitration claim. The claimant, an elderly widow, is accusing them of causing her to suffer significant retirement losses by unsuitably overconcentrating her portfolio in the Spirit of America Energy Fund. 

This is not the first customer dispute naming Isler, who has been a David Lerner Associates stockbroker for almost 30 years.  

Broker-Dealer Comes Under Scrutiny Over Energy, Gas, and Oil Investment Recommendations 

If you are a retail or conservative investor, a retiree, or any other investor unwilling or unable to take on too much risk and a David Lerner Associates broker sold you oil, gas, and energy investments, our investment fraud lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm) would like to offer you a free, no-obligation case consultation. 

Investors who recently invested in the following funds with David Lerner Associates may have been a victim of unsuitable sales practices and have grounds for a claim: 

Contact Information