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Richard Eden: $500K Energy 11 Complaint Against David Lerner Advisor
A recent investor complaint against Lawrenceville, New Jersey financial advisor Richard Eden (CRD# 2145727) alleges his investment advice resulted in damages of half a million dollars. Financial Industry Regulatory Authority records show that he is a broker registered with David Lerner Associates.
Mr. Eden’s BrokerCheck report discloses one recent investor complaint. Filed in May 2022, it alleges that as a representative of David Lerner Associates, he breached his fiduciary duty, misrepresented and omitted material information, and recommended unsuitable investments in a mutual fund and an Energy 11 private placement. The pending complaint alleges damages of $100,000 to $500,000. In a statement on the pending complaint’s disclosure, Mr. Eden defended himself against the claims, writing: “I vehemently deny the allegations.”
The fiduciary standard, for reference, requires financial advisors to place the client’s interests above their own, make full disclosures regarding any conflicts of interest, and operate in good faith and with loyalty to the customer. This is similar to but distinct from the suitability standard that requires brokers to recommend only investments and strategies that are in their customers’ best interests.
According to the Financial Industry Regulatory Authority, Richard Eden holds 31 years of securities industry experience. Based in Lawrenceville, New Jersey, he has been a broker with David Lerner Associates since 1991. He has no previous registrations. His credentials include the passage of three securities industry qualifying examinations: 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 licensed in Alaska, Arizona, Arkansas, California, Connecticut, Delaware, Florida, Georgia, Illinois, Maryland, Massachusetts, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Texas, and Virginia. (Information current as of August 17, 2022.)
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.