David Lerner Associates
Complaint 183493 Details

Three years ago, I met a representative of David Lerner Associates who sold me a REIT. I invested $9000.00 and specifically told this Rep that I wanted a safe place to put extra savings, but if I needed it, I would have to have it. He stated that the investment was available to me when I needed it and the contract said that I would have to wait three years. At that time he reiterated that the investment would yield 8%. In 2012 I called the company when I received a letter stating that I could no longer have access to this investment. It never was explained that this was an "illiquid" investment. They are being fined by FINRA for fraud. I was told that they would refund my money which grew to $11,000 at $74.00 per month, but I couldn't retrieve the amount it is worth because now they say it will take many years before I get my investment back. I am 75 years old and this investment was never described to me as Illiquid. I feel that I have been misled and I can't get my savings back...