FINRA Fines David Lerner Associates $14M Over REIT, Bonds

Law360, New York (October 22, 2012, 1:17 PM EDT) -- Brokerage firm David Lerner Associates Inc. must pay $14 million for overcharging and misleading customers who bought bonds and invested in a $2 billion real estate investment trust, the Financial Industry Regulatory Authority said Monday.

Syosset, N.Y.-based DLA must pay $12 million in restitution to customers who bought shares in the $2 billion nontraded Apple REIT Ten and a $2.3 million fine for charging customers unfair prices over a 2 1/2-year period on municipal bonds and collateralized mortgage obligations, FINRA said.

In addition, FINRA fined DLA...
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