that is written like an advertisement . please help improve it by removing promotional content and inappropriate external links and by adding encyclopedic content written from a neutral point of view . may 2015 learn how and when to remove this template message this article is an orphan as no other articles link to it . please introduce links to this page from related articles ; try the find link tool for suggestions . april 2013 david lerner associates inc. type corporation industry financial services founded 1976 founder david lerner headquarters syosset ny united states products investments owner david lerner number of employees 350 website www.davidlerner.com david lerner associates is a privately held broker dealer with headquarters in syosset new york and branch offices in westport ct ; boca raton fl ; teaneck and princeton nj ; and white plains ny . their product offerings include apple real estate investment trusts reits bonds collateralized mortgage obligations retirement funds mutual funds life insurance and other services . 1 they have become well known in the new york metropolitan area for their take a tip from poppy radio segments 2 and hold investment seminars for potential investors in the tri state new york area and florida . 1 the firm had success in generating income through real estate investments and promoted a steady 7 8 % return for investors of modest means . 3 as of june 2011 the company had sold approximately 6.8 billion in apple reit securities to 122 000 customers starting in 1992 . in 2010 alone they raised 1 billion for one fund . 2 contents 1 history 2 awards 3 merger of apple reit six 4 finra complaint and class action dismissal 5 references history edit according to the company website david lerner was previously a history and economics high school teacher in bayside new york . to make ends meet he began to sell mutual funds and life insurance for first investors in 1961 . 1 in 1976 he founded david lerner associates inc. with their first office located in jericho new york . in the late 1970s market conditions changed causing the firm to re assess the value of mutual funds . lerner began offering tax free municipal bonds . 1 by 1980 to cope with rapid expansion the firm began outsourcing regulatory duties to a third party firm security pacific a bond clearinghouse . after finding that security pacific did not follow the rules lerner reported the issues to the national association of securities dealers nasd and after months of intense activity and investigation all issues were resolved . 1 today david lerner associates employs approximately 400 people with its headquarters in syosset new york and satellite offices in princeton and teaneck new jersey ; white plains new york ; westport connecticut ; and boca raton florida . 1 lerner has been a notable donor to causes in his community including the trey whitfield school in brooklyn which he has supported with 300 000 in donations while helping to raise another 1 million earning him mention in the wall street journal . 4 he has for twenty years been the prime donor in the greater long island running club which sponsors the annual police appreciation run . 5 in january 2012 lerner presented a check with the club to cover school expenses for the children of a slain local atf agent . 6 awards edit according to a survey conducted by the best companies group in 2011 david lerner associates was awarded 6th place in the large employer category as one of the best companies to work for in new york state . 7 merger of apple reit six edit in may 2013 apple reit six inc. completed a merger with an affiliate of the blackstone group lp . the apple reit six was sold exclusively by the lerner firm to investors from 2004 to 2006 with most shares at 11 . this added slightly to the principal of the investors each holder of an apple reit six unit received 11.10 in value consisting of 9.20 in cash and 1.90 per share in preferred stock of the blackstone affiliate bre select hotels corp. investors could redeem the new shares after seven and a half years ; the shares have a dividend rate of 7 % . the total transaction value of the deal was 1.2 billion . 8 the portfolio of apple reit six consists of 66 hotels in 18 states and cashed out successfully for its investors . 9 10 finra complaint and class action dismissal edit in may 2011 the financial industry regulatory authority finra filed a class action lawsuit against david lerner associates charging the firm with misleading investors by marketing unsuitable products to them and conducting insufficient due diligence on the company that managed its real estate funds . 3 in october 2012 david lerner associates agreed to settle with finra for 14 million without admitting or denying the charges . 11 lerner was fined 250 000 and suspended from the securities industry for one year and head trader william mason fined 200 000 and suspended for six months . 12 in april 2013 u.s. district judge kiyo matsumoto dismissed the class action lawsuit ruling that investors had received sufficient disclosure to understand the risks of investing in its trusts . 13 in her opinion judge matsumoto wrote plaintiffs belabored complaint appears only to confirm that the apple reits are currently functioning in exactly the manner that was anticipated and disclosed in the reits prospectuses and other offering documents . 14 references edit a b c d e f about david lerner and associates . david lerner and associates . david lerner associates inc. retrieved 23 september 2016 . a b voreacos david june 20 2011 . david lerner associates sued over 6.8 billion in reits . bloomberg lp . retrieved 23 september 2016 . a b troianovski anton june 1 2011 . finra sues david lerner firm . the wall street journal . retrieved 23 september 2016 . bango shelly september 24 2010 . brooklyn school gets financial aid . the wall street journal . retrieved 23 september 2016 . bernstein james april 5 2011 . runners get donor s 20th check to aid cops . newsday . retrieved 23 september 2016 . doyle heather january 12 2012 . fallen atf agent s family receives donation in syosset . patch media . retrieved 23 september 2016 . zelman lorri may 2011 . 50 employers in the empire state named best companies to work for in new york 2011 pdf press release . new york ny new york state society for human resource management . retrieved 2016 09 23 . schwarz michael may 13 2013 . local reit fund sold in billion dollar deal . richmond bizsense . retrieved 25 september 2016 . peter bacque november 30 2012 . apple reit six to be sold in proposed 1.2 billion deal . richmond times dispatch . retrieved 23 september 2016 . kelly bruce november 3 2012 . nontraded reit deal good news for shareholders . investment news . retrieved 23 september 2016 . order accepting offer of settlement pdf . financial industry regulatory authority finra . retrieved 10 december 2013 . customers to receive approximately 12 million in restitution firm fined 2.3 million ; president and head trader fined and suspended press release . washington dc financial industry regulatory authority inc. october 22 2012 . retrieved 23 september 2016 . phillips ted april 4 2013 . class action suit against david lerner associates dismissed . newsday . retrieved 10 december 2013 . singer bill april 4 2013 . david lerner and apple reits defendants in stunning class action victory . forbes . retrieved 10 december 2013 . retrieved from https en.wikipedia.org w index.php title david lerner associates & oldid 741048011 categories investment companies of the united stateshidden categories articles with a promotional tone from may 2015all articles with a promotional toneorphaned articles from april 2013all orphaned articlespages using infobox company with unsupported parameters navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 25 september 2016 at 02 10 . text is available under the creative commons attribution sharealike license ; 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