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Martin Lerner: SOAEX, Energy 11/12 Complaints Against Boca Raton Rep
Boca Raton stockbroker Martin Lerner (CRD# 871038), a representative of David Lerner Associates, is involved in recent customer disputes alleging $700,000 in damages. According to Financial Industry Regulatory Authority disclosures, Lerner’s records also include a sanction and suspension by securities regulators over allegations he violated industry rules.
Martin Lerner’s BrokerCheck report lists two pending investor disputes against him. Filed in 2020 and 2021, the complaints relate to his activities as a representative of David Lerner Associates. The 2020 complaint alleges he made misrepresentations and omissions in connection to allegedly unsuitable investments in SOAEX and Energy 12. The pending compliant alleges damages of $100,000. The 2021 complaint alleges he violated suitability obligations, misrepresented and omitted information, and breached his fiduciary duty with regard to investments in a mutual fund and in Energy 11, a private placement. The pending complaint alleges damages of $600,000.
Martin Lerner was also involved in a 2013 customer complaint alleging misrepresentation, fraud, breach of contract, forgery, and violations of securities regulations relating to a variable annuity investment; the complaint reached a settlement in 2013 of $35,000.
In 2006, according to his BrokerCheck report, the National Association of Securities Dealers (NASD) sanctioned Martin Lerner over allegations that acting on his firm’s behalf, he “permitted an individual to function as a principal without being properly registered in a principal capacity.” The NASD alleged further that he failed to reasonably supervise associated persons and registered representatives’ activities relating to variable life insurance sales and variable annuity sales. Lerner did not admit or dent the allegations, but consented to a $25,000 fine and a 20 business day suspension from association with any NASD member in any supervisory or principal capacity. The suspension lasted from March 20, 2006 until April 17, 2006.
According to the Financial Industry Regulatory Authority, Martin Lerner holds 35 years of securities industry experience. He is a broker associated with David Lerner Associates’ offices in Boca Raton, Florida and Syosset, New York. He has been associated with David Lerner Associates since April 1994. He was previously registered with the firm from 1980 to 1988, before which he was registered with First Investors Corporation from 1979 until 1980. He has passed the Uniform Securities Agent State Law Examination (Series 63), the Securities Industry Essentials Examination (SIE), the General Securities Representative Examination (Series 7), the Municipal Securities Representative Examination (Series 52), the Registered Representative Examination (Series 1), the Municipal Securities Principal Examination (Series 53), and the General Securities Principal Examination (Series 24). He is licensed in Connecticut, Florida, New Jersey, New York, and North Carolina. (Information current as of November 15, 2021).