Give David Lerner Associates, Inc. credit!
Its world is collapsing. The firm currently is on trial with securities regulator FINRA for charging clients excessive markups on municipal bonds (http://disciplinaryactions.finra.org/viewdocument.aspx?DocNB=14004). The firm just was sued by securities regulator FINRA for unsuitably and fraudulently selling Apple REIT 10 (http://disciplinaryactions.finra.org/viewdocument.aspx?DocNB=17059). The truth about the value of Apple REIT 7 and 8 has been revealed, with offers on the secondary market for Apple REIT 7 and 8 at $3 (not $11) per share, so much so that the firm is playing games with securities laws not to disseminate those offers to clients (http://www.richmondbizsense.com/2011/06/13/monday-qa-%E2%80%98apple-is-playing-games%E2%80%99/). The New York Times ran a scathing piece on the firm and Apple REITs (http://www.nytimes.com/2011/06/03/business/03norris.html).
What is David Lerner Associates’ answer? Throw a party! A big party, this Saturday in New York! Free steak dinner for all attendees, who are able to stomach the steak and the “Everything is Fine” chorus.
Don’t believe it! Investors in all Apple REITs should act quickly and contact one of our attorneys at 312-332-0000. Our attorneys already are representing investors who have suffered losses investing in the Apple REITs along with those who are seeking to rescind (get out of) their investment in these products.
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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