202301 Jun



National investment loss lawyers KlaymanToskes reports Rande Scott Aaronson (CRD# 1758915) of David Lerner Associates has been suspended from associating with any FINRA member in all principal capacities for one month and fined $5,000, in connection with his failure to reasonably supervise sales of two illiquid oil and gas limited partnerships, Energy 11, L.P. and Energy Resources 12, L.P. Rande Aaronson was previously registered as a broker, and acted as a branch manager at David Lerner Associates’ (“DLA”) Teaneck, NJ and Lawrenceville, NJ branches. Rande Aaronson entered into a regulatory agreement known as a Letter of Acceptance, Waiver, and Consent (“AWC”) with FINRA’s Department of Enforcement on May 7th, 2023, whereby Aaronson consented to sanctions of a one month suspension from associating with any FINRA member in all principal capacities, and a $5,000 fine. FINRA found that Aaronson did not conduct a reasonable analysis of the suitability of E11 and E12 transactions on behalf of certain David Lerner Associates customers. The AWC’s findings state “Aaronson was aware of, but failed to reasonably investigate and respond to, red flags of potentially unsuitable sales of E11 and E12 to certain senior customers. The firm has been censured and fined multiple times by regulators for violations including the following: • None failure to follow its own compliance requirements for the sale of non-traded REITS, and Investors who have suffered investment losses due to unsuitable investment recommendations by David Lerner Associates and its financial advisors, are encouraged to contact Lawrence L. Klayman, Esq., at 888-997-9956, or by email at lklayman@klaymantoskes.com to discuss their recovery options.

Source: Klaymantoskes