Articles Posted in David Lerner Associates

Martin Lerner is a stockbroker with David Lerner Associates, Inc. (“David Lerner Associates”) in Boca Raton, Florida, with a history of customer complaints.

Martin Lerner has been the subject of six customer complaints, which include one pending dispute and five resolved disputes that ended with monetary compensation being paid to a customer. The pending dispute is a securities arbitration claim filed by a customer against Martin Lerner and David Lerner Associates concerning energy-sector securities. The customer alleged that the recommendations to invest in Energy 12 L.P., an illiquid, non-traded limited partners, and Spirit of America Energy Fund (SOAEX), an energy mutual fund, were unsuitable.  The customer also alleged that Martin Lerner made material misrepresentations or omissions regarding both energy-sector securities.

If you have invested in Energy 11, Energy 12, SOAEX, or lost money with broker Martin Lerner or David Lerner Associates, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Numerous stockbrokers at David Lerner Associates Inc. (“David Lerner Associates”) recommended risky and speculative Puerto Rico municipal bonds to customers.

An investor may be able to recover financial losses if the recommendation was not suitable for the customer or if David Lerner misrepresented or omitted material facts about the bonds in connection with making the recommendation.

Iorio Altamirano LLP, a securities arbitration law firm based in New York, has recently filed an arbitration claim against David Lerner Associates, alleging that President and CEO Martin Walcoe and David Lerner unsuitably recommended that the customer purchase and hold Puerto Rico municipal bonds.  The claim also alleges that Mr. Walcoe made material misrepresentations and omitted material facts concerning the risk and safety of the bonds.  The recommendations occurred at a time when credit rating agencies were downgrading Puerto Rico municipal bonds and indicated that further credit downgrades were imminent.   At the time of the recommendations, Mr. Walcoe was an investment counselor and branch manager.

**Update:  4/19/21**  In March 2021 another customer filed a securities arbitration complaint against Daniel Todd Lerner and David Lerner Associates, Inc.   The customer has alleged over $515,000 in damages  as a result of unsuitable investment recommendations related to Energy 11 and an unspecific mutual fund (possibly, SOAEX).  The complaint alleged unsuitability, misrepresentation,  breach of fiduciary duty, and unauthorized trading.

See also:

Energy 11, L.P. and Energy Resources 12 L.P.: How to Recover Investment Losses from David Lerner Associates, Inc.

On behalf of a client, securities arbitration law firm Iorio Altamirano LLP has filed an arbitration claim through FINRA Dispute Resolution Services against David Lerner Associates Inc. (“David Lerner”).  The claim alleges that President and CEO Martin Walcoe and David Lerner unsuitably recommended that the customer purchase and hold Puerto Rico municipal bonds and misrepresented and omitted material facts concerning the risk and safety of the bonds.  The recommendations and misrepresentations occurred at a time when credit rating agencies were downgrading Puerto Rico municipal bonds and indicated that further credit downgrades were imminent.   At the time of the recommendations, Mr. Walcoe was an investment counselor and branch manager.

The claim also alleged that David Lerner also failed to suitably and properly allocate the customer’s brokerage account. Instead, David Lerner concentrated the customer’s account in risky, speculative, and uninsured Puerto Rico municipal bonds.

David Lerner’s recommendations to purchase and hold speculative Puerto Rico municipal bonds and its repeated recommendations to concentrate the customer’s investment accounts into speculative junk bonds were unsuitable and not in the customer’s best interest in light of the customer’s investment objectives and “middle ground” risk tolerance.

The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Charles Bonilla from the securities industry for five months, fined him $5,000, and ordered him to disgorge $22,417 in commissions.

FINRA suspended Mr. Bonilla for recommending energy-sector securities to customers without having a reasonable basis to believe those investments were suitable.  Mr. Bonilla was a broker with David Lerner Associates, Inc. in Boca Raton, FL when the alleged conduct occurred.

If you have suffered financial losses investing with Mr. Bonilla or suspect that Mr. Bonilla did not have your best interest in mind when recommending investments, including energy-sector mutual funds or limited partnerships, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

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