Violation Tracker Individual Record
NASD censured and fined Long Island-based brokerage firm David Lerner Assoc. $100,000 for running sales contests to promote certain David Lerner proprietary mutual funds and selected variable annuity and variable life insurance products, all in violation of NASD rules.
FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).