According to the enforcement complaint filed by securities regulator FINRA, three times the number of investors sought to redeem their Apple REIT 8 shares, comparing the first quarter of 2010 to the first quarter of 2011.
How did David Lerner Associates respond? According to FINRA, the firm raised the redemption limitation from 3% to 5%, but then lowered the payout on non-DRIP shares to 92% of the purchase price.
It’s time to join the Smart Money, whether in Apple REITs 6, 7, 8, 9 or 10. Call us at 312-332-0000 for a free consultation as to how to do so and recover damages and other relief.
FinancialCounsel.com, hosted by James J. Eccleston, is a companion website to this blog, along with EcclestonLaw.com. It contains complementary material of general interest to investors and financial services professionals. Investors will find material on securities arbitration to recover investment losses; industry and financial markets intelligence; and strategies for estate planning. Professionals have access to material on broker/adviser registration, regulation, compliance and disciplinary proceedings; industry and financial markets intelligence; strategies for estate planning; and broker/adviser employment litigation and injunctions, including defamation and non-competition/solicitation issues. 
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