Michael Norton: David Lerner Advisor Faces $500K SOAEX Complaint

Syosset, New York financial advisor Michael Norton (CRD# 2617985) recently received an investor complaint concerning an investment in SOAEX. Financial Industry Regulatory Authority records show that he is currently registered as a broker with David Lerner Associates and an investment advisor with Spirit of America Management Corporation.

Mr. Norton’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in March 2024, alleges misrepresentations, omissions, and unsuitable advice in connection with investments in SOAEX. The pending complaint alleges damages of $500,000. According to a statement included with the complaint’s disclosure, “Michael Norton was not a named party in the action.”

An earlier investor complaint, filed in 2021, similarly alleged misrepresentation, unsuitability, and breach of fiduciary duty in connection with investments including an Energy 11 private placement. In 2023 the complaint reached a settlement of $108,408. “Michael Norton was not a named party in the action,” reads a statement included with the disclosure.

A third complaint, filed in 2019, alleged that as a David Lerner Associates representative, he recommended unsuitable Puerto Rico bonds. The complaint reached a settlement of $2,750, with Mr. Norton stating “I was not named in this arbitration” in a complaint included with the disclosure.

According to the Financial Industry Regulatory Authority, Michael Norton holds 27 years of securities industry experience. Based in Syosset, New York, he has been registered as a broker with David Lerner Associates since 1998 and an investment advisor with Spirit of America Management since 2022. His past registrations include Meyers Pollock Robbins (New York, New York; 1997) and Marlowe & Company (New York, New York; 1995-1997). 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 Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 30 state licenses. (Information current as of March 16, 2024.)

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