Violation Tracker Individual Record
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
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).
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).