More horrible news for David Lerner and his brokerage firm. Today FINRA filed an AMENDED complaint against David Lerner as an individual for misleading investors in the wake of FINRA's action against his firm and his Apple REITs. Reuters' Suzanne Barlyn details how Lerner sent letters to more than 50,000 customers in July to "counter negative press" about the action, according to the amended complaint. The letter also discussed a possible opportunity for Apple REIT shareholders to participate in a sale or listing on a national exchange to dispose of their shares at a reasonable price, according to the complaint. According to FINRA, these were misleading actions. The entire article can be viewed at the link below.
We have spoken to dozens of David Lerner clients and continue to represent victims in the Apple related REITs. Unfortunately, these representations made by Lerner's brokers had the intended impact-to delay people from filing statement of claims to recover their losses and frozen funds.
http://www.reuters.com/article/2012/01/30/us-finra-davidlerner-idUSTRE80T1MJ20120130
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