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 FINRA securities arbitration claim in which the customer sought $250,000.00 in damages for breach of fiduciary duty, misrepresentation, and unsuitable trades when Lerner was associated with David Lerner Associates. Financial Industry Regulatory Authority (FINRA) Arbitration No. 22-00227 (March 1, 2022). According to the claim, the customer was sold unsuitable private placements (Energy Resources 12, Energy 11), mutual funds, and insurance products.
Lerner has been identified in twleve additional customer initiated investment related disputes concerning his conduct while employed by David Lerner Associates. FINRA Public Disclosure shows that a customer filed a complaint regarding Lerner’s activities where the customer requested $170,000.00 in damages founded on accusations of inappropriate mutual fund trades and sales of private placements, including Energy 11.
On February 22, 2021, another customer filed a complaint concerning Lerner’s conduct in which the customer sought $100,000.00 in damages for unsuitable recommendations concerning mutual funds, direct participation program interests, and limited partnership interests during the time that Lerner was registered with David Lerner Associates Inc.
Lerner is also identified in a customer complaint on March 22, 2021, where the customer requested $515,795.00 in damages for unauthorized and unsuitable trades effected in the customer’s account. The claim contains allegations of omissions, misrepresentations, and breach of fiduciary duty pertaining to Energy 11.
Lerner is also the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer sought $450,000.00 in damages for unsuitable recommendation concerning Energy 11 private placements by Lerner. FINRA Arbitration No. 21-01435 (June 10, 2021).
Lerner is referenced in another customer related FINRA securities arbitration claim which was settled for $59,786.24 in damages based upon allegations of omissions, misrepresentation, failure to supervise, unsuitable trades, and breach of fiduciary duty concerning Energy Resources 12 and Energy 11 private placements. FINRA Arbitration No. 20-03998 (November 15, 2021).
On February 18, 2022, a different customer filed an investment related FINRA securities arbitration claim involving Lerner’s activities where the customer requested $49,999.00 in damages supported by accusations that mutual funds and limited partnership sales were not suitable for the customer and that securities transactions were misrepresented. FINRA Arbitration No. 22-00302. According to the claim, the customer had been defrauded.
On May 19, 2022, an additional customer related FINRA securities arbitration claim regarding Lerner’s conduct was resolved for $82,500.00 in damages founded on allegations of breach of fiduciary duty, unsuitability, omissions, and misrepresentations concerning private placement interests, including purchases of Energy 11 through David Lerner Associates Inc. FINRA Arbitration No. 21-00782.