Violation Tracker Individual Record

Company: 
David Lerner Assoc.
Penalty: 
$100,000
Year: 
2004
Date: 
April 12, 2004
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Violation Description: 

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.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
Civil or Criminal Case: 
civil
Notes: 

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).

Source Notes: 
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Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.