David Lerner Associates, Inc. Reviews (6)
Jul 07, 2020
Total Incompetence and Deceitful and Lying EmployeesIf I could give a zero to this inept and corrupted firm I would. I started out with DL many years ago with a good advisor. I was looking for muni bonds where I can protect principal and gain dividends to invest. With the dividends, I reinvested into various offerings. One was the APLE REIT which was not liquid. I had time on my side so I did not mind. I asked when APLE would become liquid and was "told 3-5 years". Well 3-5 years turned into greater than 10 with calls for class action suits. Had I’d been properly informed of this illiquid indefinite period I would have NEVER invested, so I was stuck with no redemption way out! My advisor left and I went through another keeping my account consistent waiting for the liquidation day. That counselor left and then in came the devil. My bonds came due and I foolishly invested in SOAEX, the energy funds. This dude played on the fact I wanted a liquid fund with dividends so I went with the flow, not realizing he made a killing on commissions and fees which are enormous for the fund, but I had a plan in place, a retirement plan that once I retired I'd pull out. Finally APLE became liquid and I sold, long after the 5-year period. When my 1099 statement came (and David Lerner is ALWAYS LATE with the 1099's), I noticed the cost basis was 0 for the sale, so that was screwed up. I paid $11.00 per share but because it was not liquid they put in the 1099 that I paid zero, ZERO DOLLARS. It took a few calls to DL and they had no clue how to clean that up on their forms nor would they. THEY JUST DO NOT CARE! My Investment Counselor washed his hands from this stating "not my problem" so luckily I kept my original sales conformations and used them otherwise I'd be in debt to the IRS for thousands. Calls to the IRS suggested I do that, which were helpful, but I was still audited because the computers pick up cost and sell, so it took time to clean up that mess.
Now comes the SOAEX...I decided I had enough of DL, so I wanted to cash out. I told my Investment Counselor, Mr. Michael Karp on March 3rd 2020 to sell ALL my holdings, He asks me a zillion times "why" I told him "Just do it". After two weeks I find out he did not so I call him and he claims "I never told him to sell we spoke about a few things but I never mentioned sell", as he tried to cover up from his gaff with a blatant lie. Meanwhile the fund tanked because of pandemic and energy being depressed so I'm out money. He then puts account on hold because of an upcoming reverse split which would cost me more money. I was never notified of a reverse split as there is usually correspondence to the investor that a split (reverse or other) is coming. Finally after threatening legal action he released my account from “hold” and sells on March 17th, 2020, but his delay and incompetence costs me several thousands. After filing a complaint with the compliance manager (Alan Holman) it turned into a "he said she said" which is completely bogus and the Compliance Manager washed his dirty hands from this. I have phone records and know when I made the calls and what was discussed in the conversations so I and my advisors assistant (Claudia) knew I needed to sell. I filed a complaint with the SEC and they are still waiting from a response from DL on this matter.
David Lerner has been in the news for all the wrong reasons. They prey on the uninformed, they sell non-liquid funds with the promise of liquidation that never happen unless a class action suit happens. They sell funds of high loads and keep reverse splitting to make the funds look investment worthy. The sales "counselors" only care about commissions and not the investor.
If this keeps one potential investor form ever considering investing with DL, I've been successful in recovering my loss. My advice, do your homework first, google David Lerner, and see all the legal action taken against them and look for someone clean and trustworthy
Jun 29, 2020
David Lerner; They're Hallmark is Neglect and Malfeasance.For twelve years I've held investments with this company and not only haven't they shown any increase in revenue, but I have lost 65% of my revenue. I plan on bringing civil litigation against them as well as filing as many complaints with the boards that oversee their operation as possible. Including the Attorney General of New York State for their negligent actions. Their on-going unresponsiveness to clients, this client's attempts to get in touch with them. They are arrogant, supercilious, and elitist. If you're not a millionaire you won't rate a call back. In the last year I've lost over 50% of my portfolio and am unable to get someone on the phone. Never, never, invest with this company.
May 05, 2020
STAY AWAY AND DON`T BELIEVE THE PITCH OF INCOMEBefore giving your money check their record on the Apple Reits.
Their statements showed a balance and income that never existed.
At the end of fund their was a class action law suite. Investors lost big time.
The only difference between Madoff and Lerner is that one is in a cell where he belongs the other should be in cell next to him.
Check out David losing his licence during this time. Why do you think ?
Revdex.com:I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:
Review: David Lerner Associates offered a high yield REIT program at investment seminars throughout US. I bought into program but over time noticed the principal amount of my investment was being withheld from me- they were only allowing me liquidity access to the monthly dividend portion of my total investment. In addition, the monthly statements were not accurate- assuming a $10-$12 per share price as of 2012 nowhere near today's date of 2014.
Review: To whom it may concern
David Lerner Associates, Inc. Rating