Daniel Todd Lerner of White Plains New York a stockbroker currently registered with David Lerner Associates Inc. is referenced in a customer initiated investment related written complaint on January 22, 2021 where the customer requested $100,000.00 in damages supported by accusations that they had been placed into unsuitable mutual funds and direct investments when the stockbroker was associated with David Lerner Associates.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Lerner has been referenced in seven additional customer initiated investment related disputes concerning allegations of his misconduct while employed by David Lerner Associates. On April 24, 2019, a customer filed an investment related arbitration claim concerning Lerner’s conduct in which they sought compensatory damages founded on accusations of the securities broker dealer failing to supervise Lerner’s activities which included the sale of a private placement. FINRA Arbitration No. 19-01132. The claim alleges that there was a breach of a fiduciary duty by the stockbroker and that the energy investments failed to be suitable for the customer. The claim also contains accusations of misrepresentations and omissions in reference to mutual funds and insurance products.
On July 2, 2020, another customer filed an investment related arbitration claim concerning Lerner’s conduct where they requested $175,000.00 in damages based upon allegations of unsuitable sales of Energy 11 LP – a non-traded limited partnership that was created for purposes of acquiring and developing natural gas properties. FINRA Arbitration No. 20-01447. According to the claim, Lerner breached a fiduciary duty to the customer and had misrepresented information relating to Energy 11 LP and Great Art Fund.
Lerner is also the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer sought compensatory damages supported by accusations that they had been defrauded by purchasing investments in Energy 11 LP because of the stockbroker and David Lerner Associates. FINRA Arbitration No. 20-03345 (Oct. 6, 2020). According to the claim, allegations also include breach of conduct, suitability and misrepresentation as it pertains to the private placements.
On October 16, 2020, another customer filed an investment related complaint regarding Lerner’s activities where they requested $170,000.00 in damages founded on accusations that when the stockbroker was associated with David Lerner Associates, he made unauthorized trades in the customer’s account resulting in their losses on private placements and mutual funds. The complaint alleges that Lerner initiated transactions on an arbitrary basis in February of 2017.
Lerner is additionally referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer sought between $100,000.00 and $500,000.00 in damages based upon allegations including breach of fiduciary duty and failure to supervise as it relates to the customer’s investments in mutual funds and private placements. FINRA Arbitration No. 20-03998 (Jan. 4, 2021). The claim indicates that the customer sustained damages by investing in Energy 11 and ER 12 during the time that Lerner was associated with David Lerner Associates. The stockbroker also allegedly made unsuitable trades.
Lerner has been registered with David Lerner Associates since September 20, 2000.