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Read MoreDavid Lerner Advisor Joseph Aspelund Denies SOAEX Complaint
A recent investor complaint against White Plains financial advisor Joseph Aspelund (CRD# 6006335) details allegations regarding an investment in SOAEX. Records provided by the Financial Industry Regulatory Authority indicate that he is currently registered as a broker with David Lerner Associates.
Mr. Aspelund’s BrokerCheck report discloses one investor complaint. Filed in April 2023, it alleges that as a representative of David Lerner Associates, he made misrepresentations and unsuitable recommendations in connection with an investment in SOAEX, also known as the Spirit of America Energy Fund. The pending complaint alleges damages between $50,000 and $100,000.
In a statement included with the pending complaint’s disclosure, Mr. Aspelund defended himself against the claim, writing: “The allegations do not include misappropriation, forgery, theft or conversion of funds or securities.”
Other David Lerner representatives have also received recent investor complaints regarding investments in SOAEX. A 2020 complaint against Martin Lerner, for instance, reached a settlement of $23,000, according to his BrokerCheck report. A pending 2020 complaint against Eugene Garner, meanwhile, alleges damages of $650,000.
According to the Financial Industry Regulatory Authority, Joseph Aspelund holds eleven years of securities industry experience. Based in White Plains, New York, he has been a broker with David Lerner Associates since 2012. He has no past registrations as a broker. His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is currently licensed in Arizona, California, Connecticut, Delaware, Florida, Maine, Maryland, Missouri, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Puerto Rico, South Carolina, and Virginia. (Information current as of June 3, 2023.)
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