Complaint / review text:
The problem with David Lerner Associates is not necessarily the securityproduct (Apple REIT), but that their salespeople go around selling it in largevolumes to people on fixed income and disability, therefore creating aportfolio that is illiquid and over concentrated, building accounts that areunsuitable for their investment needs.
They make a fortune in commission, and make you think that they have yourbest financial interest in mind.
Meanwhile, if you question their Chief Compliance Officer and Chief legalCouncil, they immediately burst out in defense, pointing out that they have nofiduciary responsibility toward your investment portfolio. Somehow, you neverhear that when they are getting you to sign their contracts and agreements, butthey make sure it is in the fine print.
What a joke, these guys are crooks in my opinion, and I have had legislatorsfrom the Senate banking Committee and other organizations investigating them. Ispoke with one older lady who thought she had been sold Apple computer stock, these charming guys prey on the trusting and unknowing senior citizens. They are disgusting predators.
DO NOT invest with anyone who is not a certified and licensed InvestmentAdvisor with the Securities and Exchange Commission unless you are financiallysavvy and know exactly what you are buying!!!
The government attempts to separate and define broker/dealers and InvestmentAdvisors with specific legal requirements, explicitly for the reasons I'vepointed out above. Unfortunately, many in the "investment" businesshave learned how to twist and dodge the rules to satisfy their own greed. Takemy word; I lost control of a $1,200, 000.00 portfolio that was sold to me by aDavid Lerner wolf hiding in sheepskin. It has had a devastating effect onmy life and my family.
Now my brother has been told that he can only redeem 62% of his portfolio, he is elderly and disabled, and was always told that he could get back 100% of his investment when needed.