Violation Tracker Individual Record

Company: 
David Lerner Associates, Inc.
Penalty: 
$400,000
Year: 
2006
Date: 
March 2, 2006
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

NASD fined Long Island, NY brokerage firm David Lerner Associates, Inc. $400,000 and suspended the firm from engaging in any new variable life insurance or variable annuity business for 30 calendar days for engaging in replacement sales of variable life insurance and variable annuities that violated NASD and New York State rules

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

David Lerner Associates Suspended from Conducting New Business in Variable Annuities, Variable Life Insurance for 30 Days, Fined $400,000 for Violations of New York State, NASD Regulations, PR Newswire, March 2, 2006 (via Nexis).

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.