LOST MONEY IN GWG L BONDS? CLICK HERE TO LEARN MORE
LOST MONEY IN GWG L BONDS? CLICK HERE TO LEARN MORE
+1 (888) 997-9956

Broker Misconduct Investigation: Craig Nomberg (David Lerner Associates)

If you have lost money in the stock market due to fraud, misrepresentation, negligence, or for other reasons, we can help you. We have successfully recovered over $250 million in FINRA securities arbitrations.*

Need Legal Help? Contact Us. Call +1 (888) 997-9956
Updated on: April 24, 2024

National investment loss lawyers KlaymanToskes is investigating broker Craig Nomberg (CRD# 4293515) of David Lerner Associates and Wells Fargo Advisors after a customer complaint was filed with the Financial Industry Regulatory Authority (“FINRA”), alleging $500,000 in investor damages due to unsuitable recommendations to invest in SOAEX, Spirit of America Fund (NASDAQ: SOAEX). The complaint further alleges misrepresentation and omissions.

According to FINRA BrokerCheck, broker Craig Nomberg was previously registered with David Lerner Associates from 2000 to May 2019 in Boca Raton, FL. Nomberg is currently registered with Wells Fargo Clearing Services and Wells Fargo Advisors in Boca Raton, FL. 

Investors that suffered losses with broker Craig Nomberg are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at lawrence@klaymantoskes.com to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.

Investment losses with Craig Nomberg?

Investment losses with Craig Nomberg?

Contact KlaymanToskes

Current Investigations About Broker Craig Nomberg That You Should Know as an Investor:

KlaymanToskes is a leading national investment loss law firm that represents the interests of investors throughout the world who have suffered losses due to broker misconduct, investment fraud, and securities violations. 

The article linked below contain important information relating to KlaymanToskes’ investigations of broker Craig Nomberg:

If you suffered losses with broker Craig Nomberg, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.

The firm has helped recover over $600 million* for investors, and can help you determine if your loss is due to financial advisor misconduct, unsuitable investment advice, and/or other securities violations.*Exclusive of attorneys fees and costs.

David Lerner Associates: Red Flags and Executives’ Misconduct

Several of David Lerner Associates’ direct owners and executive officers have many notable public disclosures according to their (linked) FINRA BrokerCheck reports. The following list includes DLA’s President, Chief Compliance Officer (CCO), and majority owner/shareholder. 

David E. Lerner (CRD# 307120)
Majority Owner/Shareholder 

  • 17 public disclosures:
    • 6 Regulatory Disclosures: According to FINRA BrokerCheck, David Lerner has six regulatory complaints which have fined him over $282,500, and ordered him to pay at least $250,000 in restitution to customers. Notably, David Lerner was previously suspended from acting as a broker for one year and suspended in all principal capacities for two years.
    • 10 Settled Customer Complaints: David Lerner has ten customer complaints which have been settled in favor of the investors for a collective total of nearly $1 million. 
    • Arbitration Award (in favor of the investor): Notably, David Lerner was named in an arbitration award whereby David Lerner Associates, Inc. was ordered to redeem all shares of Apple Hospitality REIT, Inc. held in their customers’ accounts, for a total price of $260,000.

Martin Lerner (CRD# 871038)
Acting Chief Compliance Officer (CCO)

  • 10 public disclosures:
    • 2 Regulatory Disclosures: According to FINRA BrokerCheck, Martin Lerner has two regulatory complaints, one of which ordered David Lerner Associates, Inc. to pay a monetary fine in the amount of $400,000 and suspended Martin Lerner from associating with any member firm in any supervisory or principal capacity for 20 business days.
      Secondly, FINRA recently made a preliminary determination to recommend that disciplinary action be brought against Martin Lerner alleging violation of FINRA Rules 3110 and 2010 for failing to reasonably supervise sales of Energy 11, L.P., and Energy 12, L.P.; and violation of FINRA Rules 2111 and 2010 for recommending investments in Energy 11, L.P., and Energy 12, L.P. to customers without a reasonable basis to believe the investments were suitable.
    • 6 Settled Customer Complaints: Martin Lerner has six customer complaints which have been settled in favor of the investors for a collective total of $513, 301.48. Notably, several customer complaints alleged unsuitable and misrepresented investment recommendations.
    • Arbitration Award (in favor of the investor): Notably, Martin Lerner was named in an arbitration award whereby David Lerner Associates, Inc. was ordered to redeem all shares of Apple Hospitality REIT, Inc. held in their customers’ accounts, for a total price of $260,000. 

Martin Kevin Walcoe (CRD# 1593935)
President 

  • 6 public disclosures:
    • 1 Regulatory Disclosure: FINRA recently made a preliminary determination to recommend that disciplinary action be brought against Martin Walcoe alleging violation of FINRA Rules 3110 and 2010 for failing to reasonably supervise sales of Energy 11, L.P., and Energy 12, L.P.; and violation of FINRA Rules 2111 and 2010 for recommending investments in Energy 11, L.P., and Energy 12, L.P. to customers without a reasonable basis to believe the investments were suitable.
    • 2 Settled Customer Complaints: Martin Walcoe has two customer complaints which have been settled in favor of the investors for a collective total of $160,183.02. Both customer complaints alleged unsuitable and misrepresented investment recommendations, as well as a breach of fiduciary duty.
    • 2 Additional Customer Complaints: Walcoe has two additional customer complaints. A denied complaint alleged unauthorized trading and a closed complaint alleged unsuitable investment recommendations.
    • Arbitration Award (in favor of the investor): According to FINRA BrokerCheck, Martin Walcoe was named in an arbitration award whereby David Lerner Associates, Inc. was ordered to redeem all shares of Apple Hospitality REIT, Inc. held in their customers’ accounts, for a total price of $260,000.

Investors can learn more about their broker/advisor and brokerage firm through FINRA BrokerCheck – a free tool provided by the Financial Industry Regulatory Authority that discloses brokers’ licensing, employment history, and most importantly, public disclosures including customer complaints and arbitration awards. 

Signs Investors Should Look Out For About Their Brokerage Accounts

As an investor, there are a few signs that you should look out for if you believe you may have a claim against broker Craig Nomberg. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encouraged to contact our firm immediately if you have experienced any of the following: 

  • You have substantial losses in your investment accounts
  • You received a call, email, or other communication from your broker’s supervisor or manager regarding your portfolio
  • Your broker misrepresented investment opportunities, or failed to disclose details about investments
  • You notice unauthorized transactions in your investment accounts
  • Your broker is not returning your calls or emails
  • You filed a complaint with your brokerage firm that has not been resolved

Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.

According to FINRA, brokerage firms such as David Lerner Associates are responsible for the supervision of all of the activities of their registered financial advisors. Investors may be entitled to a financial recovery if their firm failed to supervise the representative managing their account, and/or if their financial advisor made unsuitable investment recommendations.

Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.

If you suffered losses with broker Craig Nomberg, or have concerns regarding your investment portfolio at David Lerner Associates and/or Wells Fargo Advisors, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation to discuss your recovery options. 

Search

Contact Us to Recover Losses from Robinhood Trading Restrictions

Recover Form

This field is for validation purposes and should be left unchanged.

Contact Us To Recover Your Investment Losses

Recover Form

This field is for validation purposes and should be left unchanged.

GET IN TOUCH

Contact Form

This field is for validation purposes and should be left unchanged.

Categories

...view more categories

Recent Blogs