Daniel Todd Lerner, a securities broker at David Lerner Associates in White Plains, was sanctioned by FINRA on May 20, 2025. This Daniel Todd Lerner case involves regulatory action taken against the experienced broker who has worked in the securities industry since 1985.
Brokers are required to consider their clients’ best interests when making investment recommendations. In this case, Lerner recommended that a 92-year-old retiree invest $60,000 into a limited partnership that develops hydrocarbon properties.
The client’s investment represented approximately one-fourth of her liquid assets, despite her having a moderate tolerance for risk.
Lerner has been a registered broker since 1985 and worked at the West Hartsdale Avenue branch since 2000. Other brokers from the same firm also faced sanctions; Maxim Tulupnikoff and Martin Lerner received fines and suspensions following similar regulatory actions.
David Lerner Associates agreed to pay over $1 million in restitution to affected customers after FINRA identified concerns with recommendations including Energy 11 L.P., Energy 12 L.P., and Spirit of America Energy Fund.
FINRA rules require that investments be suitable based on each customer’s profile, and evidence suggests those profiles may not have been accurate or current. Daniel Todd Lerner maintains he followed proper protocols and notes that Covid-19 affected how people made financial decisions during that period.
This case highlights important considerations regarding broker responsibility, investor protection, and regulatory compliance in financial services.
Daniel Todd Lerner Background and FINRA Sanctions
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Who is Daniel Todd Lerner?
Daniel Todd Lerner is a securities broker who has worked at David Lerner Associates since 2000. Daniel Todd Lerner received his securities registration in 1985 and has over 40 years of experience in the financial services industry. As the son of David Lerner (the firm’s founder), Daniel Todd Lerner has deep family ties to the White Plains-based brokerage.
Daniel Todd Lerner FINRA Sanctions Details
Daniel Todd Lerner was sanctioned by FINRA on May 20, 2025, receiving a two-month suspension and a $5,000 fine for recommending an investment to a 92-year-old client. The Daniel Todd Lerner case centers around his recommendation that the elderly client invest $60,000—about 25% of her liquid net worth—into hydrocarbon-producing properties that exceeded her moderate risk tolerance.
Daniel Todd Lerner’s Firm: David Lerner Associates Penalties
David Lerner Associates, where Daniel Todd Lerner works, also faced penalties in connection with this case. The firm agreed to censure and pay over $1 million in restitution to 146 affected customers due to compliance matters related to Daniel Todd Lerner and other brokers.
Other Brokers Sanctioned in Daniel Todd Lerner Case
Other brokers connected to this case received sanctions as well. Maxim Tulupnikoff was suspended for two months and fined $5,000; Martin Lerner was suspended for 20 business days with a $25,000 fine.
The case demonstrates the importance of matching investments with client profiles and highlights regulatory oversight in investor protection.
Background of Daniel Todd Lerner and David Lerner Associates
Daniel Todd Lerner Professional History
Daniel Todd Lerner works as a securities broker at David Lerner Associates in White Plains, New York. The Daniel Todd Lerner FINRA sanctions were imposed on May 20, 2025, following regulatory concerns about compliance practices.
Daniel Todd Lerner has maintained his position at David Lerner Associates, located on West Hartsdale Avenue in Greenburgh, White Plains, New York. Daniel Todd Lerner has held his registration and active license since 1985, giving him four decades of experience in securities.
As the son of David Lerner, who founded the firm, Daniel Todd Lerner has family connections to the brokerage’s leadership. Since 2000, Daniel Todd Lerner has served clients from the White Plains branch, providing financial services in trading and investments.
Daniel Todd Lerner FINRA Sanctions Timeline
On May 20, 2025, FINRA imposed regulatory sanctions against Daniel Todd Lerner. The Daniel Todd Lerner disciplinary action resulted in a two-month suspension from working in the securities industry.
Daniel Todd Lerner also paid a $5,000 fine as part of the penalty. Daniel Todd Lerner consented to the terms set by FINRA. These enforcement measures against Daniel Todd Lerner followed findings related to compliance and regulatory standards.
The Daniel Todd Lerner sanctions affected both him and his firm, David Lerner Associates in White Plains. Such regulatory actions demonstrate FINRA’s commitment to maintaining industry standards.
Details of the Daniel Todd Lerner Regulatory Action
Daniel Todd Lerner Investment Recommendation Case
Daniel Todd Lerner recommended an investment to a 92-year-old retiree client that became the center of his FINRA case. The Daniel Todd Lerner investment recommendation involved a limited partnership focused on developing hydrocarbon-producing properties.
The client had a moderate risk tolerance, yet Daniel Todd Lerner suggested she invest $60,000. That amount represented about 25% of her liquid net worth, which exceeded regulatory suitability standards given her risk profile according to FINRA’s findings in the Daniel Todd Lerner case.
Daniel Todd Lerner had been advising this client for over 20 years. The Daniel Todd Lerner recommendation represented a significant allocation relative to her financial situation.
Daniel Todd Lerner Career History and Investment Details
Daniel Todd Lerner has worked as a registered broker since 1985, building a long career in securities. The Daniel Todd Lerner case involves various recommendations, including a notable investment in 2019 when he suggested a limited partnership focused on developing hydrocarbon-producing properties.
The prospectus for this investment stated that it involved speculative and illiquid characteristics suitable for long-term investors. This recommendation raised regulatory concerns due to its characteristics relative to certain client profiles.
Daniel Todd Lerner Regulatory Compliance Issues
FINRA’s investigation of Daniel Todd Lerner emphasizes that brokers must assess investment suitability based on various factors. Evidence suggests Daniel Todd Lerner may not have fully complied with these rules regarding investment recommendations in his case.
The Daniel Todd Lerner actions may have resulted in inaccurate customer profiles, raising regulatory concerns about his compliance practices.
FINRA Requirements in Daniel Todd Lerner Case
FINRA requires brokers to evaluate investments based on multiple factors. They consider aspects like age, financial situation, investment goals, time horizon, liquidity needs, and risk tolerance. These factors are important in determining whether an investment is suitable for an investor.
Certain investments may not align with specific investor profiles. For example, a speculative and illiquid investment would be more appropriate for someone willing to accept significant risks. Understanding these suitability requirements is important for making informed investment decisions.
Evidence of Regulatory Concerns in Daniel Todd Lerner Case
Evidence shows Daniel Todd Lerner may not have fully complied with suitability rules regarding investment recommendations. In 2022, FINRA identified concerns about Daniel Todd Lerner’s practices. Daniel Todd Lerner recommended investments including Energy 11 L.P., Energy 12 L.P., and Spirit of America Energy Fund to a 92-year-old retiree client.
The Daniel Todd Lerner case raises questions about the accuracy of customer investment profiles under his supervision. Daniel Todd Lerner’s actions may have resulted in profiles that did not accurately reflect clients’ financial situations and risk tolerances.
Daniel Todd Lerner Response and Industry Implications
Daniel Todd Lerner’s Response to FINRA
Daniel Todd Lerner disagrees with FINRA’s findings in his case. Daniel Todd Lerner states that he takes his regulatory responsibilities seriously. According to Daniel Todd Lerner, his investment recommendations were appropriate for the client’s needs and risk tolerance.
Daniel Todd Lerner maintains that his actions aligned with the firm’s protocols and that proper assessments were conducted in his defense of the FINRA case.
Impact of Covid-19 on Daniel Todd Lerner Case
Daniel Todd Lerner notes that the Covid-19 pandemic influenced investment decisions during the period in question. Daniel Todd Lerner argues that the economic situation caused significant changes in financial markets, which affected investor perspectives during his case timeline.
This situation led many investors to reassess their approaches and portfolio management strategies. Daniel Todd Lerner’s response highlights how these factors could impact suitability assessments for investments he recommended during the pandemic period.
Daniel Todd Lerner Case Industry Impact
The Daniel Todd Lerner case may impact investor perceptions of regulatory compliance in the securities industry. The Daniel Todd Lerner FINRA sanctions highlight important considerations about broker conduct and assessment practices in financial markets.
The Daniel Todd Lerner situation raises questions about industry regulations and compliance practices. Understanding how the Daniel Todd Lerner case influences investment decisions is important for market participants and other securities professionals.
Conclusion: Daniel Todd Lerner FINRA Case Summary
The Daniel Todd Lerner case demonstrates the importance of regulatory compliance in investment recommendations. The Daniel Todd Lerner situation involved a 92-year-old retiree and raises considerations about industry practices and FINRA oversight.
Daniel Todd Lerner’s case shows that ensuring investment suitability is important for client protection in the securities industry. The Daniel Todd Lerner FINRA sanctions serve as a reminder that effective compliance helps maintain investor confidence in financial services.
For investors researching Daniel Todd Lerner or considering working with brokers, the Daniel Todd Lerner case provides insights into regulatory expectations and the importance of suitability standards in investment recommendations.
