National investment loss lawyers KlaymanToskes is investigating broker Lawrence Merl (CRD# 2443190) of David Lerner Associates Inc..
According to FINRA BrokerCheck, Lawrence Merl, a former stockbroker with David Lerner Associates Inc., was suspended by FINRA for making unsuitable investment recommendations to senior customers between 2015-2017, resulting in a six-month suspension, $10,000 fine, and disgorgement of $153,475.73 in commissions for violating FINRA Rules 2111 and 2010.
Investors that suffered losses with broker Lawrence Merl are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss potential recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Lawrence Merl, a former stockbroker with David Lerner Associates Inc. in White Plains, New York, has been sanctioned by the Financial Industry Regulatory Authority (FINRA) for unsuitable investment recommendations to senior customers. FINRA’s investigation found that between February 2015 and October 2017, Merl recommended high-risk limited partnerships for oil and gas property development to four customer households who had specified low-risk investment preferences. FINRA found that the limited partnerships were explicitly labeled in their prospectuses as speculative, illiquid, and long-term investments. Merl allegedly recommended a $984,600 investment in such a partnership to a 76-year-old retiree in April 2017. FINRA determined these recommendations contradicted the customers’ stated financial objectives. Through these transactions, Merl reportedly received $153,475.73 in commissions.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against your financial advisor. 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:
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.
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 Lawrence Merl, or have concerns regarding your investment portfolio at David Lerner Associates Inc., or with any other financial advisor or firm, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.