Apple REITs Under FINRA Investigation
David Lerner & Associates, Inc. (DLA), of Syosset, NY, is under investigation by FINRA, the Financial Industry Regulatory Authority. FINRA filed a complaint charging the firm with soliciting investors to purchase shares in Apple REIT Ten, a non-traded $2 billion Real Estate Investment Trust (REIT) without conducting a reasonable investigation to determine whether it was suitable for investors and for providing misleading information on its website. Details can be found in FINRA’s original news release.