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Read MoreDavid Lerner: FINRA Suspends Madison Global Advisor
Hauppage, New York financial advisor David Lerner (CRD# 1883553) was recently suspended in connection with allegations that he improperly used a personal email account for securities-related communications. Financial Industry Regulatory Authority records show that he is registered as a broker with Madison Global Partners, having previously been registered with Network 1 Financial Securities.
Mr. Lerner’s BrokerCheck report discloses the recent FINRA disciplinary action against him. Filed in July 2024, it found that he “caused his member firm not to capture or maintain communications by using a personal email account, which was not permitted by the firm, to send and receive securities-related business communications without providing copies to the firm.” The findings state further that some of the communications in question involved “discussions with customers about potentially high-risk investments, including private investments in public equity (PIPE) deals.” FINRA suspended him for one month and issued him a fine of $5,000.
His BrokerCheck report also discloses multiple investor complaints. The most recent, filed in 2010, alleged that as a representative of Sandgrain Securities, he recommended unsuitable investments. The complaint reached a settlement of $45,000.
An earlier investor complaint, filed in 2000, alleged that as a representative of First Union Securities, he failed to follow a customer’s instructions. The complaint reached a settlement of $193,966.
According to the Financial Industry Regulatory Authority, David Lerner holds 33 years of securities industry experience. Based in Hauppage, New York, he has been registered as a broker with Madison Global Partners since 2022. His past registrations include Network 1 Financial Securities, Buckman Buckman & Reid, Broadband Capital Management, Wilmington Capital Securities, Sandgrain Securities, First Union Securities, DH Blair & Company, Commonwealth Associates, and AS Goldmen & Company. His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Investment Banking Registered Representative Examination, or Series 79TO; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California, Colorado, Connecticut, Florida, New Jersey, New York, and Washington. (Information current as of August 4, 2024.)
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