FINRA Sanctions David Lerner Associates $14 Million for Unfair Practices in Sale of Apple REIT Ten and for Charging Excessive Markups on Municipal Bonds and CMOs

FINRA has ordered David Lerner Associates, Inc. ("DLA") to pay approximately $12 million in restitution to affected customers who purchased shares in Apple REIT Ten on the basis that those who were charged excessive markups on transactions which may not have been suitable. In addition, FINRA fined and suspended the President of the firm for the markups and for supervisory violations.

View press release in full here (links externally to FINRA website).