David Lerner Associates must pay customers $12M, FINRA says

10/24/2012 | Reuters

The Financial Industry Regulatory Authority ordered David Lerner Associates to pay $12 million to elderly and unsophisticated investors whom it persuaded to buy shares in Apple REIT Ten without determining whether the investment was suitable for them. FINRA also fined the firm $2.3 million for charging unfair prices for collateralized mortgage obligations and municipal bonds.

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