CHICAGO, Oct. 23, 2012 (GLOBE NEWSWIRE) -- Stoltmann Law Offices and Eccleston Law Offices announce the filing of a $1.4 million FINRA arbitration claim against David Lerner & Associates for the selling of Apple non-traded Real Estate Investment Trust (REITs) to a now 69 year old retiree. The claim alleges misrepresentations and omissions, unsuitable investment recommendations and fraud against the firm as well as a lack of supervision of the recommending broker in selling Apple REITs Six, Seven, Eight, Nine and Ten. According to Chicago Securities attorney Andrew Stoltmann "Brokerage firms have an iron-clad obligation to deal truthfully and honestly with their clients. This duty is even greater when dealing with the elderly. Unfortunately, our client was sold a highly illiquid investment concentrated in one sector of the market. The results have been cataclysmic."
According to co-counsel James Eccleston of Eccleston Law Offices, "We have already filed over a dozen FINRA arbitration claims for burned clients of David Lerner & Associates and expect to file many more. This latest $1.4 million claim will be bolstered by the recently announced sanctions against the firm and David Lerner personally. Many unsophisticated clients were sold Apple REITs and they may have actionable claims against the firm through the FINRA arbitration process."
To learn more about the loss recovery process, please visit our law firm at www.EcclestonLaw.com or www.InvestmentFraud.PRO or call our office in Chicago, Illinois at 312.332.4200 for a no obligation consultation on how to recover these losses on a contingency fee basis.