The national investor law firm, Haselkorn & Thibaut, P.A., is currently investigating David Lerner Associates for the sales of several proprietary products including Energy 11 LP, Energy Resource 12 LP, and Spirit of America Fund (NASDAQ: SOAEX).
Among these, the Spirit of America Energy Fund is one of the proprietary products under investigation for allegations related to its sale. Following the mention of David Lerner Associates, it’s crucial to note the relevance of ‘apple reit’ in this context, as it underscores the firm’s history with investment losses and claims, including lack of risk disclosure and unsuitability for conservative investors. Energy 11 suspended distribution last year due to volatility in the oil and gas market, highlighting the risks and volatility associated with energy investments, particularly as a fallout of the pandemic.
The Financial Industry Regulatory Authority (FINRA) ‘s investigation into David Lerner Associates Inc., including scrutiny of Daniel Lerner for his role in the sale of proprietary investment funds, touches on critical issues within the securities industry.
This highlights the firm’s practices in the sale of high-risk investment products, the regulatory scrutiny they attract, and the perspective of David Lerner Associates customers who have sought damages and filed claims relating to investments in Energy 11, Energy 12, and the Spirit of America Energy Fund. These customers allege unsuitable investment strategies, misrepresentation of information, and have initiated investigations on behalf of those who purchased these high-risk and illiquid energy-related securities.
Furthermore, ‘david lerner brokers’ have been implicated in the alleged misconduct and unsuitable recommendations related to the sale of these energy funds, emphasizing the need for investigations into these recommendations and the potential conflicts of interest.
David Lerner Associates Energy 11 Lawsuit, Energy Resource 12 Lawsuit, and Spirit of America Fund
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Recently investors have filed claims with The Financial Industry Regulatory Authority (FINRA) against David Lerner Associates alleging that the investments were unsuitable concentration in proprietary products invested in non-traded oil & gas investments. The investigation aims to further examine the sales practices and the supervisory roles regarding risk-averse investors such as retirees, emphasizing the responsibility of investment counselors in advising clients on their portfolios, particularly in light of allegations related to the marketing and underwriting of Apple Real Estate Investment Trusts and claims about the suitability and performance presented to conservative investors who suffered significant losses.
Thousands of investors were sold Energy 11 LP, Energy Resource 12 LP, and Spirit of America Fund (NASDAQ: SOAEX), a mutual fund investing in energy-related entities aiming for long-term capital appreciation and current income, and we are currently representing investors in FINRA arbitration claims.
David Lerner Associates offered a variety of investment opportunities, including Energy 11 and Energy 12, which were marketed without fully disclosing the risks associated with these energy sector investments. A FINRA arbitration is typically faster and easier than a traditional lawsuit. Investors can file these types of claims to recover losses against financial advisors and broker-dealers.
If you own any of these David Lerner products in your portfolio and we suggest you speak to an experienced investment fraud attorney today by calling 1 800-856-3352 for a free consultation.
What are Energy 11 & Energy 12 Energy Investments?
Energy 11 and Energy 12 are non-public limited partnerships, securities that are sold as private placements in the energy sector, focusing on energy resources. Although private placements can be the right choice for high net worth investors, they have recently been sold to many regular investors that do not fully understand the risk and lack of liquidity. Besides these energy sector investments, the controversy also extends to other complex products like collateralized mortgage obligations, highlighting the diversity of risky investments sold. It is the responsibility of both the stockbroker and his broker-dealer that the investments sold be both understandable and suitable to their clients. Additionally, David Lerner Associates has offered municipal bonds, which have come under scrutiny for allegations of charging unfair prices.
About Haselkorn & Thibaut, P.A.
Haselkorn & Thibaut is a national law firm that specializes in fighting for investors. We have over 45 years of experience and a 95% win rate. Investors can meet with us virtually or in person. We have locations in Florida, New York, Arizona, Texas, and North Carolina. All consultations are free. No Recovery, No Fee.
