According to the FINRA report, 84 percent of respondents have been solicited to participate in potentially fraudulent schemes, and at least 16 percent said they invested money in response to a fraudulent offer. Even though fraud solicitations are widespread, 40% or more of respondents say they cannot identify classic red flags of financial fraud.
David Lerner Associates is a privately-held securities broker/dealer started in 1976. In 2013 they won a two year old class action lawsuit - the judge threw the fraud complaint out of court and dismissed the suit.
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