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FINRA amends David Lerner complaint

Despite a pending Finra complaint against his firm, David Lerner has continued to pitch nontraded REITs improperly, according to an amended complaint filed in December by the self-regulator.

In the amended filing, the Financial Industry Regulatory Authority Inc. went after Mr. Lerner personally and added more allegations to the original May 2011 complaint against his firm, David Lerner Associates Inc., over the company’s exclusive sales of Apple real estate investment trusts.

The company “continues to solicit thousands of customers to purchase Apple REIT Ten without performing adequate due diligence,” Finra said in its latest complaint.