Wall Street Fraud
Investment Mismanagement
Brokerage firm David Lerner Associates Inc. Annuities Violations
Category: Investment Mismanagement
The brokerage firm David Lerner Associates Inc. was fined $400,000 and was suspended by the NASD for one month from doing new business in variable life and variable annuities for violating securities rules regarding replacement sales of annuities. My law firm has brought many arbitration actions against brokerage firms for switching individual investors into annuities and for placing investors into unsuitable annuities.
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Anna's Plight - Arbitration Against Edward Jones Co.
Category: Investment Fraud Arbitration
Ninety-two year old Anna didn't realize that the mutual funds her Edward Jones stockbroker placed her into were much riskier than she should have been in. The Edward Jones stockbroker had sold all her bank and utility stocks that her grandfather had given her and purchased mutual funds with titles such as "New Perspective," "Capital Growth" and "Capital Appreciation." Ninety-two year old Anna should have been placed into a conservative income producing portfolio containing mostly bonds, not an equity growth portfolio.
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