Response to FINRA Ruling on Muni/CMO Pricing Matter

Response to FINRA Ruling on Muni/CMO Pricing Matter

Core Facts

 [ What is this? ]


Statement from David Lerner Associates, Inc.:

On 4/4/12, David Lerner Associates received the opinion of the FINRA hearing panel on the municipal bond and CMO pricing matter. The panel essentially adopted FINRA's position and awarded fines, restitution, and other amounts as well as a six-month work suspension of William Mason.

FINRA did not question that the bonds involved were all high quality, investment grade securities, nor did it challenge the other 95% of the transactions which occurred during the same period. Regarding the approximately 5% of transactions at issue, the last time FINRA made similar allegations against David Lerner Associates, the firm defeated those allegations before a hearing panel. David Lerner Associates believes that the current Hearing Panel’s ruling is simply wrong, completely ignores the relevant facts and fails to follow the law.

David Lerner Associates and Mr. Mason will appeal this decision; look forward to vindication at a fair and impartial hearing; and intend to continue an unbroken tradition throughout its 36 year history of providing its clients with excellent, personal and professional service at fair and reasonable prices.

The Hearing Panel Decision reflects FINRA’s attempt to unfairly seize funds from a broker-dealer by making allegations which are simply not based on facts, recognized industry standards or current law.


^ Top


At David Lerner Associates we believe in the sensible middle ground of investing. We do not run with the herd. We pursue these fundamental investment principles regardless of market conditions. We offer many investment opportunities, some designed to provide income.

Founded in 1976, David Lerner Associates is a privately-held investment company with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates 1 877 367 5960

Like us on Facebook

Follow David Lerner Associates on Twitter

^ Top