National investment loss lawyers KlaymanToskes continues its investigation of David Lerner Associates (“DLA”) and is currently pursuing FINRA arbitration claims on behalf of investors who suffered losses with DLA and its financial advisors due to unsuitable investment recommendations. KlaymanToskes is currently investigating DLA’s Syosset, NY branch.
David Lerner Associates has a significant regulatory/disciplinary history with FINRA. DLA has been censured and fined many times for securities violations including unfair pricing practices, failure to report to regulators, failure to maintain written reports, and failing to follow the firm’s own compliance requirements, among other issues.
If you suffered investment losses at David Lerner Associates’ Syosset, NY branch, or other DLA branches, 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.
The following list contains brokers/financial advisors currently registered with David Lerner Associates, Inc. in Syosset, New York. DLA’s Syosset branch is located at 477 Jericho Turnpike. According to their linked FINRA BrokerCheck profiles, these DLA-associated individuals have been hit with significant public disclosures:
Michael Joseph Norton (CRD# 2617985):
9 Customer Complaints: (1) Pending – Customer alleges unsuitability, misrepresentations, a breach of fiduciary duty, and negligence. The complaint alleges damages of $350,000. (2) Customer alleged unsuitability, misrepresentations, breach of fiduciary duty, and the complaint was settled for $32,500. (3) Customer alleged unsuitable recommendations to invest in Puerto Rico bonds, and the complaint was settled for $2,750. (4) Customer alleged unsuitability and misrepresentations. The complaint was settled for $4,750. (5) Customer alleged unsuitability and the complaint was settled for $6,000. (6-9) Customers alleged unsuitability and/or misrepresentation and the complaints were either denied, closed, or withdrawn.
Robert Spencer Cavanaugh (CRD# 1494481):
4 Public Disclosures: 1 Arbitration Award: Customer alleged suitability, common law fraud, constructive fraud, negligence, breach of fiduciary duty, breach of contract, misrepresentation, failure to supervise, and respondeat superior. The causes of action related to Puerto Rico bonds. DLA and Cavanaugh were ordered to pay the customer $205,497 in compensatory damages.
2 Settled Customer Complaints: (1) Customer alleged $160,000 in damages due to unsuitable and misrepresented investment recommendations. The complaint was settled for $112,000. (2) Customer alleged $76,687.75 in damages due to misrepresented investment recommendations and the complaint was settled. Additional disclosure is a regulatory censure and fine.
Scott Mass (CRD# 1971403):
5 Customer Complaints: (1) Customer alleged unsuitability, a breach of fiduciary duty, negligence, fraud, and breach of contract in connection with the sale of Puerto Rico Bonds. The complaint was settled for $9,000. (2) Customer alleged unsuitable investment recommendations and the complaint was settled for $15,000. (3) Customer alleged suitability based on age, misrepresentation regarding risks associated with the products recommended, and $65,000 in damages. The complaint was denied. (4) Customer alleged unsuitability, misrepresentations and omitted material information in connection with the sale of Apple REITs. The complaint was withdrawn. (5) Customer alleged poor service and the complaint was closed.
Peter John Testani (CRD# 5926700):
1 Pending Customer Complaint: Customer alleges $300,000 in damages due to unsuitable and misrepresented investment recommendations, as well as a breach of fiduciary duty.
Thomas James Cerna (CRD# 1636698):
3 Public Disclosures: 1 Settled Customer Complaint – Customer alleged $1,500,000 in damages due to a failure to supervise. The complaint was settled for $150,000. Additional disclosures include one regulatory censure and one criminal disclosure.
Allen Bernard Holeman (CRD# 1060910):
3 Public Disclosures: 1 Regulatory Disclosure – Holeman was sanctioned and fined $10,000, suspended from association with any FINRA member in any capacity for 30 business days, and was ordered to pay costs in the amount of $2,566.19. According to the allegations, Holeman failed to disclose outstanding tax liens on a compliance questionnaire that he submitted to his firm and falsely stated that he had none, even though FINRA contacted him about the tax liens only two months earlier. Additional disclosures include one tax lien and one civil judgment.
Alan P. Chodosh (CRD# 2918542):
1 Arbitration Award: Alan Chodosh 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.
Glenn Howard Werner (CRD# 6118112):
3 Public Disclosures: 1 Closed Customer Complaint – Customer alleged $250,000 in damages due to unsuitable and misrepresented investment recommendations, along with a breach of fiduciary duty. Additional disclosures include one tax lien and one civil judgment.
Scott Cory Ente (CRD# 2612038):
1 Settled Customer Complaint: Customer alleged $500,000 in damages due to misrepresented investment recommendations related to Puerto Rico bonds. The complaint was settled for $18,000.
Anthony Francis Meere (CRD# 1251122):
1 Settled Customer Complaint: Customer alleged $500,000 in damages due to misrepresented investment recommendations related to Puerto Rico bonds. The complaint was settled for $18,000.
David Allen Neuwirth (CRD# 5864663):
1 Settled Customer Complaint: Customer alleged $500,000 in damages due to misrepresented investment recommendations related to Puerto Rico bonds. The complaint was settled for $18,000.
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
Martin Lerner (CRD# 871038)
Acting Chief Compliance Officer (CCO)
Martin Kevin Walcoe (CRD# 1593935)
President
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.
If you suffered investment losses at David Lerner Associates due to broker misconduct and/or securities violations, 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.
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