Howard Roth: $125K Energy 11 Complaint Against David Lerner Advisor

A recent investor complaint against White Plains, New York financial advisor Howard Roth (CRD# 867754) alleges that his energy investment recommendation resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker with David Lerner Associates.

Mr. Roth’s BrokerCheck report discloses one investor complaint. Filed in August 2025, it details unspecified allegations in connection with the recommendation of an Energy 11 private placement. The pending complaint alleges damages of $125,000.

For reference, Energy 11 LP and Energy Resources 12 LP were limited partnership investments sold by David Lerner & Associates. Both were formed to give investors an opportunity to invest in oil and gas properties. As Delaware limited partnerships, their objectives included the acquisition of producing and non-producing oil and gas properties; the payment of distributions to investors; and the completion of a liquidity transaction five years after the termination of the LP’s offering in April 2017. The prospectuses filed by both LPs described the investments as highly risky. “An investment in the Partnership involves risk,” each prospectus stated, “and is suitable only for persons who have adequate financial means, desire a relatively long-term investment and who will not need immediate liquidity from their investment.” In other words, investments in Energy 11 and Energy Resources 12 may have been unsuitable for investors with limited experience and/or financial means, especially retirees and other investors with liquidity needs and a low risk tolerance.

According to the Financial Industry Regulatory Authority, Howard Roth holds 46 years of securities industry experience. Based in White Plains, New York, he has been registered as a broker with David Lerner Associates since 1979. His credentials include the passage of four securities industry qualifying exams: the Municipal Securities Representative Examination, or Series 52; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He holds 18 state licenses. (Information current as of October 6, 2025.)

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