On May 25, 2025, the Financial Industry Regulatory Authority issued a series of disciplinary actions against broker/dealer, David Lerner Associates Inc. (DLA), and several of the company’s associates for allegedly recommending unsuitable investments in proprietary, illiquid, energy-focused limited partnerships to retail customers, including seniors and unsophisticated investors.
According to a recent article from InvestmentNews, David Lerner Associates, will not be selling any more proprietary investments for at least two years, according to the FINRA settlement. This FINRA settlement with David Lerner Associates involves sales of energy-limited partnerships. According to FINRA, from January 2015 through November 2019, DLA’s representatives recommended two illiquid, proprietary limited partnerships to thousands of customers. Davd Lerner Associates also agreed to pay over $1,000,000.00 in restitution to clients to settle the matter. FINRA stated that after two years DLA can begin selling the products again if it meets compliance requirements mandated in the settlement.
In a separate but still related matter, Daniel Lerner, the son of the founder of David Lerner Associates, was suspended from the securities industry for two months and fined $5,000, according to the InvestmentNews article. “In March 2019, [Daniel] Lerner recommended that a customer invest in an illiquid, proprietary limited partnership without having a reasonable basis to believe that the investment was suitable for the customer based on her investment profile,” according to his settlement with FINRA. The article goes on to say that FINRA stated in 2022 it was investigating Daniel Lerner, a senior executive with the DLA at the time, over the sale of proprietary investment funds to clients and whether his investment recommendations were suitable.
David Lerner Associates is based on Long Island, New York, and has been a longtime purveyor of municipal bonds and REITs and has had problems with FINRA in the past, according to InvestmentNews.
According to FINRA's BrokerCheck, without admitting or denying the charges, David Lerner Associates agreed to pay restitution of $1,002,566.16 and a censure. DLA is also banned from selling proprietary, illiquid products for two years and must retain an independent consultant to review its supervisory systems and reconfirm client investment profiles.
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