Securities regulator FINRA (the Financial Industry Regulatory Authority) recently accused David Lerner Associates, Inc. of misleading investors, and not conducting due diligence, in connection with its sales of non-traded REITs, particularly its current offering, Apple REIT 10.
Represented to be secure, safer than the stock market, and generating a high annual return, David Lerner Associates, Inc. has sold its non-traded REITs to "unsophisticated and elderly customers", according to the FINRA complaint, and now may suffer the consequences...
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