Nicholas Jembelis: $150K Complaint Against David Lerner Advisor

White Plains, New York financial advisor Nicholas Jembelis (CRD# 4028696) recently received an investor complaint alleging that he made unsuitable investment recommendations. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with David Lerner Associates.

Mr. Jembelis’ BrokerCheck report discloses one investor complaint. Filed in January 2025, it alleges that as a representative of David Lerner Associates, he recommended unsuitable investments in Energy 11 and Energy 12, misrepresented and omitted material facts, and breached his fiduciary duty. The pending complaint alleges damages of $150,000.

David Lerner Associates’ website includes a page describing the firm’s background and services. “Originally started in 1976, David Lerner Associates is a privately-held securities broker/dealer, with clients’ assets of more than $4 billion,” it explains. “While offering a range of investments, we feature those that we believe are based on real value and are designed to pay dividends, distributions or interest. We believe the best way to help you achieve your financial goals is to meet with you face-to-face, either in your home or our offices.”

According to the Financial Industry Regulatory Authority, Nicholas Jembelis holds 25 years of securities industry experience. Based in White Plains, New York, he has been registered as a broker and an investment advisor with David Lerner Associates since 1999. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arkansas, California, Colorado, Connecticut, the District of Columbia, Florida, Georgia, Illinois, Indiana, Maryland, Massachusetts, Nevada, New Jersey, New Mexico, New York, North Carolina, South Carolina, Texas, Vermont, Virginia, Washington, and Wisconsin. (Information current as of February 19, 2025.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.