Our law firm is currently investigating David Lerner Associates and the
Apple REIT Ten. Earlier this week, the Financial Industry Regulatory Authority
(FINRA) filed a Complaint against David Lerner Associates, Inc., of Long
Island, New York, claiming that the firm has taken advantage of elderly
or inexperienced investors by selling them Apple REIT Ten shares without
fully investigating whether or not the purchase would be a good investment.
David Lerner Associates misled investors in the following ways, according to FINRA:
- Advertising on their website previous distribution rates and not the most
recent ones. The recent rates also far exceeded income from operations
and were funded by debt that further leveraged the REITs.
- Incorrectly valuing previous Apple REIT shares at a constant price of $11
despite market fluctuations, performance declines and increased leverage,
while maintaining outsized distributions of 7 to 8 percent by leveraging
the REITs through borrowings and returning capital to investors.
- Failing to properly investigate the valuation and distribution abnormalities
of the Apple REITS that were already closed prior to selling Apple REIT Ten.
- If you are an investor who believes that you have been misled by David
Lerner Associates, Inc. regarding the purchase of shares in Apple REIT
Ten, there are important steps that you can take to recoup your money.
Contact Us to Learn the Next Steps
Discover these steps along with information on the most common forms of
investment fraud by contacting one of our experienced investment fraud
attorneys. We will talk with you one on one – for free – and
help you analyze your situation and give you options on where to go from here.
If you have lost money or had your funds frozen in the Apple REIT recommended
by David Lerner, contact us today. All of our cases are handled on a contingency
fee and we never request a retainer of any kind for these cases. Obtain
your free case evaluation by calling toll free 888-390-6491.
Learn more about David Lerner Associates and Apple REIT Ten in the following articles: