FINRA Alleges David Lerner Associates Improperly Recommended Apple REIT to Investors
If David Lerner Associates recommended your investment in Apple REIT or another REIT investment, Napoli Bern Ripka, LLP may be able to help you recover your financial losses.
Real estate investment trusts, called a REIT investment, are not for conservative or inexperienced investors. Regulators have become increasingly concerned that brokers potentially misled investors by recommending real estate investment trusts as low-cost and low-risk investments.
David Lerner Associates has come under fire by the Financial Industry Regulatory Authority (FINRA) for its Apple REIT sales practices. In their action, FINRA notes that David Lerner Associates “earns 10 percent of all offerings of Apple REIT securities as well as other fees. Apple REIT sales have generated $600 million…accounting for 60 to 70 percent of DLA’s business annually since 1996.”
Napoli Bern Ripka, LLP has also been investigating claims by investors that brokers improperly placed them into a REIT investment.
Real estate investment trusts have become attractive cash cows for some brokerage firms in recent years. It is not uncommon for commissions and fund expenses to eat up 15% of an individual’s REIT investment, padding the bottom lines of brokerage firms rather than being put to work for investors. Further, brokers may have misled investors into believing their REIT investment was safe due to inflated list values. Because non-listed REITs do not trade on exchanges, they are rarely revalued and may appear very stable to investors.
Napoli Bern Ripka, LLP has successfully advocated for its clients in a wide variety of claims involving financial products, brokerage services, and commercial disputes. The firm does not charge a legal fee unless it recovers money for its clients.
Napoli Bern Ripka, LLP is investigating the following REIT investments:
- American Realty Capital Trust
- AmREIT
- Apple REIT Eight
- Apple REIT Nine
- Apple REIT Seven
- Apple REIT Six
- Behringer Harvard Multi-Family REIT I
- Behringer Harvard Opportunity REIT I
- Behringer Harvard REIT 1
- CB Richard Ellis Realty Trust
- CNL Lifestyle Properties
- Cole Credit Property Trust
- Cole Credit Property Trust II
- Cole Credit Property Trust III
- Concord Milestone Plus LP
- Cornerstone Core Properties REIT
- Cornerstone Healthcare Plus REIT
- Desert Capital
- Dividend Capital Total Realty Trust
- GC Net Lease REIT
- Grubb & Ellis Apartment REIT
- Grubb & Ellis Healthcare REIT II
- Healthcare Trust of America
- Hines Global REIT
- Hines REIT
- IMH Secured Loan Fund LLC
- Inland American
- Inland Diversified
- Inland Western
- KBS REIT I
- KBS REIT II
- Lightstone Value Plus REIT
- Paladin REIT
- Piedmont REIT
- Prime Group Realty Trust
- Shopoff Properties Trust
- Strategic Storage Trust
- TNP Strategic Retail Trust
- W.P. Carey CPA 14
- W.P. Carey CPA 15
- Wells REIT II
- Wells Timberland REIT
- Whitestone REIT
If you feel that David Lerner Associates, a financial advisor or stockbroker may have misled you about an REIT investment and it resulted in financial losses, we want to talk to you about your rights.
Contact: Adam J. Gana
Tel: 888-529-4669
Email: [email protected]
