FINRA Releases David Lerner Restitution Details for Defrauded Investors

by Wall Street Fraud on December 4, 2012

Securities fraud lawyer PhiladelphiaThe Financial Industry Regulatory Authority has released restitution information for investors defrauded by David Lerner Associates, Inc. (DLA). It details how investors will be notified and what steps they will need to take to receive restitution.

As we previously discussed on this securities fraud blog, FINRA recently ordered DLA to pay $14 million for unfair practices in the sale of Apple REIT Ten and for charging excessive markups on municipal bonds and CMOs. Restitution in the amount of $597,695.21 will be paid to certain customers who were subject to unfair pricing practices on municipal bond trades.

According to FINRA, eligible investors should receive payment from DLA on or before December 6, 2012. If for any reason DLA cannot locate any customer after reasonable and documented efforts to do so, it will forward any undistributed restitution and interest to the appropriate escheat, unclaimed property or abandoned property fund for the state in which the customer is last known to have resided. Therefore, investors should make sure that their contact information is up-to-date with DLA.

It is important to highlight that investors eligible for restitution are not required exchange, redeem or otherwise dispose of their municipal bonds in order to receive restitution. In addition, defrauded investors can still pursue other legal remedies, including a securities lawsuit or arbitration, to recover any investment losses.

If David Lerner has defrauded you, we may be able to help you recover your losses. Contact us today at 215-839-3953 for a free consultation.

At Wall Street Fraud, we are dedicated to offering assistance to those who have been hurt by improper corporate or investment practices.

If you have been the victim of stock brokerage fraud, securities fraud, mutual fund fraud, stockbroker fraud, annuities fraud, or any other type of investment fraud or negligence, please contact our securities fraud attorneys today for a free case evaluation. Our talented and aggressive legal and professional staff is eager to help you recover your losses.

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