National investment loss lawyers KlaymanToskes is investigating broker/advisor Dan Charles Vismor (CRD# 5321492) of David Lerner Associates in connection with claims that he may have unsuitably sold Energy 11, LP to his customers. The firm is currently pursuing FINRA arbitration claims on behalf of investors who suffered losses with David Lerner Associates.
KlaymanToskes previously issued a notice to Energy 11 and 12 investors, reporting that David Lerner Associates and its financial professionals recommended high-commission, illiquid, and non-traded financial products to customers. These investments, Energy 11, L.P. and Energy 12, L.P., were proprietary, and it is our opinion that this created a conflict of interest for investors.
Investors that suffered losses with Dan Charles Vismor and/or any other broker at David Lerner may have recovery options. Contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or lklayman@klaymantoskes.com for a free consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
The Energy 11 and Energy 12 Funds were high-commission, illiquid, non-traded financial products offered by David Lerner Associates (“DLA”) to the firm’s customers. These investments were marketed, underwritten, managed, and sold by DLA, and in our opinion, created a conflict of interest for investors.
Prior to making an investment recommendation, brokerage firms and their brokers/advisors must fully explain the risks, sales charges, and operating expenses to customers. KlaymanToskes is currently pursuing FINRA arbitration claims on the behalf of DLA customers who suffered losses in Energy 11 and Energy 12.
Presently, in regard to broker/advisor Daniel Todd Lerner (CRD# 1255769), FINRA made a preliminary determination to recommend that disciplinary action be brought against the broker, alleging violation of FINRA Rules 2111 and 2010 in that he recommended investments in Energy 11, L.P, Energy 12, L.P. and Spirit of America Energy Fund to multiple customers without a reasonable basis to believe the investments were suitable for those customers based on their investment profiles. The investigation is currently pending.
David Lerner Associates has a substantial 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:
In addition, David Lerner Associates has allegedly violated the following securities laws:
Investors who own Energy 11 or Energy 12, or 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