National investment loss lawyers KlaymanToskes reports Rande Scott Aaronson (CRD# 1758915) of David Lerner Associates has been suspended from associating with any FINRA member in all principal capacities for one month and fined $5,000, in connection with his failure to reasonably supervise sales of two illiquid oil and gas limited partnerships, Energy 11, L.P. and Energy Resources 12, L.P.
Rande Aaronson was previously registered as a broker, and acted as a branch manager at David Lerner Associates’ (“DLA”) Teaneck, NJ and Lawrenceville, NJ branches. In January 2019 the Teaneck, NJ branch office of DLA closed and moved into DLA’s Lawrenceville, NJ branch. According to FINRA, on June 3rd, 2021, DLA filed to disclose Aaronson’s voluntary termination from the firm.
If you suffered investment losses at David Lerner Associates’ Teaneck, NJ, Lawrenceville, NJ, or other branches at the hands of Rande Aaronson and/or any other broker/financial advisor you are encouraged to contact Lawrence L. Klayman, Esq. at (888) 997-9956 or lklayman@klaymantoskes.com to discuss recovery options. All consultations are free and we do not collect attorney’s fees unless we obtain a financial recovery for you.
Rande Aaronson entered into a regulatory agreement known as a Letter of Acceptance, Waiver, and Consent (“AWC”) with FINRA’s Department of Enforcement on May 7th, 2023, whereby Aaronson consented to sanctions of a one month suspension from associating with any FINRA member in all principal capacities, and a $5,000 fine.
According to the AWC, Aaronson failed to supervise the sales of two illiquid oil and gas limited partnerships, Energy 11, L.P. (“E11”) and Energy Resources 12, L.P. (“E12”), sold by David Lerner Associates. FINRA found that Aaronson did not conduct a reasonable analysis of the suitability of E11 and E12 transactions on behalf of certain David Lerner Associates customers.
The AWC’s findings state “Aaronson was aware of, but failed to reasonably investigate and respond to, red flags of potentially unsuitable sales of E11 and E12 to certain senior customers. Aaronson was also aware of changes to customer risk tolerances around the time of sales of E11 and E12.”
FINRA’s investigation noted that “an increase in risk tolerance could be necessary for a customer to purchase E11 or E12 under DLA’s sales parameters or necessary to enable the customer to purchase an increased amount of E11 or E12.” Aaronson violated FINRA Rule 3110 (Supervision) and FINRA Rule 2010.
David Lerner Associates has a significant history of regulatory issues with the Financial Industry Regulatory Authority (“FINRA”). The firm has been censured and fined multiple times by regulators for violations including the following:
Investors who have suffered investment losses due to unsuitable investment recommendations by David Lerner Associates and its financial advisors, are encouraged to contact Lawrence L. Klayman, Esq., at 888-997-9956, or by email at lklayman@klaymantoskes.com to discuss their recovery options.
All cases are taken on a contingency basis, meaning we do not collect attorney’s fees unless we are able to make a recovery for you.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com