Eric Bernhard: Investor Concerns Raised Over Former David Lerner Associates Advisor in White Plains, NY
Haselkorn & Thibaut has opened an investigation into Eric Bernhard (CRD# 6574991), a former White Plains, NY-based financial advisor most recently registered with NYLife Securities and previously with David Lerner Associates. Investors are urged to review published disclosures regarding Mr. Bernhard’s conduct and account for all relevant information when considering any past or present investments associated with this advisor.
Background and Registration History
Eric Bernhard has accumulated nine years of experience in the securities industry, working with several firms in both New York and Connecticut. His professional path includes:
- NYLife Securities LLC (White Plains, NY) – 2023 to 2025
- Pruco Securities LLC (Shelton, CT) – 2018 to 2022
- David Lerner Associates, Inc. (Westport, CT) – 2016 to 2018
Mr. Bernhard holds the Securities Industry Essentials (SIE), Series 63, and Series 7 licenses, evidencing qualification to recommend a wide range of financial products. As of the latest available data, he is not currently registered with any FINRA member firm.
Investor Complaints and Disclosures
When choosing a financial advisor, it’s crucial to review any disclosures involving complaints or regulatory actions. For Eric Bernhard, there is a track record of investor complaints and industry scrutiny during his career, predominantly connected to his time at David Lerner Associates.
| Date / Year | Nature of Complaint or Action | Alleged Damages / Outcome |
|---|---|---|
| October 2025 | Investor alleges Mr. Bernhard, as representative of David Lerner Associates, misled the client regarding an investment in Energy 11 LP, a complex and illiquid oil & gas limited partnership. | Pending – $65,000 in alleged losses. |
| June 2015 | Client alleged unsuitable municipal bond transactions while Mr. Bernhard was a registered representative, resulting in losses. | Settled for $25,000 (out of $50,000 claimed). |
| April 2018 | Claim of misrepresentation in private-placement recommendations, filed as FINRA arbitration. | Claimant withdrew arbitration claim. No award granted. |
Regulatory and Supervisory Actions
Disclosures extend beyond customer disputes, highlighting additional instances of regulatory concern:
- September 2016 (FINRA): Letter of Acceptance, Waiver & Consent (AWC) issued following allegations of supervisory failures related to recommendations of low-rated municipal bonds. Mr. Bernhard was fined $5,000 and suspended from supervisory duties for two months.
- March 2017 (State Securities Regulator): State inquiry into improper labeling of fixed-income product tax treatment led to internal firm compliance remediation. No formal charges were filed.
No Criminal Or SEC Enforcement Records
There have been no reported SEC enforcement actions, civil lawsuits, or criminal proceedings against Eric Bernhard, aside from the arbitration and regulatory matters outlined above.
Spotlight: The Energy 11 LP and Suitability of Oil and Gas Investments
One of the most significant and recent complaints involves alleged unsuitable recommendations related to Energy 11 LP. Understanding the characteristics of this investment is important for any current or former client considering if they may have been impacted.
- Energy 11 LP was established to provide access to oil and gas property investments—assets that typically involve substantial risk and limited liquidity.
- The prospectus warned these investments are suitable only for individuals with sufficient financial means, a long-term investment horizon, and no immediate liquidity needs.
Investing in illiquid, non-traded limited partnerships like Energy 11 or Energy Resources 12 has sometimes proven unsuitable for retirees, conservative investors, or those with limited investment experience.
Red Flags to Look for With Eric Bernhard
- Multiple disclosures of customer complaints regarding unsuitable investment recommendations
- Pending investor claim alleging misleading advice on high-risk energy partnerships
- Prior regulatory action for supervisory lapses
- Compliance and suitability issues with complex alternative products
- Recent loss of FINRA registration, as Mr. Bernhard is no longer registered with any firm
What Should Investors Do Next?
If you are or were a client of Eric Bernhard—especially regarding investments recommended at David Lerner Associates in White Plains, NY—now is the time to review your portfolio and account statements. Illiquid products or high-risk partnerships may have been unsuitable if not properly explained in terms of risk, fees, and investment horizon.
Action Steps You Can Take:
- Review your most recent account statements for investments such as Energy 11 LP or Energy Resources 12 LP
- Gather all written communications and account opening documents tied to Eric Bernhard or David Lerner Associates
- Check for signs of high fees, illiquidity, or sudden drops in value
- Use the FINRA BrokerCheck tool to review the most current advisor information
- Consider seeking a second opinion from an experienced securities fraud attorney
Haselkorn & Thibaut Can Help – No Recovery, No Fee
With over 50 years of combined experience and a 98% success rate, Haselkorn & Thibaut (investmentfraudlawyers.com) stands as a national leader in representing investors concerned with potential investment losses and misconduct by financial advisors. Our review includes:
- Free, confidential consultations regarding investment losses
- Detailed strategy for pursuing recovery from advisor misconduct
- No recovery, no fee—ensuring investors are never out-of-pocket
If you believe you suffered losses as a result of recommendations made by Eric Bernhard or have questions about your investments, call Haselkorn & Thibaut today at 1-888-994-8066 for your free, confidential consultation. Engaging with our experienced legal team can help you better understand your options and determine whether you may be eligible for compensation.
Your financial well-being and your peace of mind are important. Don’t hesitate to get the clarity you deserve.
