Malecki Law Announces Investigation of David Lerner Associates and Apple REITS

Malecki Law takes a proactive and informed approach to the financial news of today: actively engaging in fact-finding analysis on prospective cases from around the world. Our thorough knowledge of securities law’s history and fine points makes us ideal consultants for investors who have suffered losses due to misadvice from their broker or other financial counsel. Information on a selection of funds and companies currently under investigation by Malecki Law can be found below. Our pursuit of excellence is constant, but our opportunities to make lasting positive change to the securities industry begin and end with determined clients who seek justice.

Malecki Law is investigating possible unsuitability claims against David Lerner Associates (DLA), a New York based real estate firm based in Syosset, NY. In May of 2011, FINRA regulators accused the brokerage entity of selling shares in illiquid real estate investment trusts, or REITs, to unsophisticated and elderly customers.

In addition, FINRA’s suit against the firm argues that DLA’s trusts were unsuitable for the consumer to whom the group was targeting. It is alleged that Lerner provided misleading information that failed to show that distributions far exceeded income and were financed by debt.

FINRA’s notice further states that DLA lacked due diligence in failing to “sufficiently investigate valuation and distribution irregularities” made by the accountants of their real estate funds, who are said to have been dispensing returns greater than the value of the funds in full. More about FINRA’s complaint against DLA and the options for recourse for those with actionable claims against this and other REITs can be found in Malecki Law attorney Adam Nicolazzo’s posting on our New York Securities Lawyer’s Blog from June, 2011.

It is the right of any and all investors who believe they may have suffered losses as a result of recommendations of their financial advisor to contact our offices to explore their legal rights and options. If you or a family member invested in Apple REITS from David Lerner Associates, contact the securities fraud lawyers at Malecki Law for a free consultation and case evaluation at (212) 943-1233.