FINRA accuses Lerner of misleading elderly REIT investors

05/31/2011 | Bloomberg

The Financial Industry Regulatory Authority said David Lerner Associates targeted elderly and unsophisticated people and sold them shares in a real estate investment trust without considering whether the securities were suitable for the investors. The brokerage misled investors who bought more than $300 million worth of shares in Apple REIT Ten, the U.S. regulator said.

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