David Lerner Associates Inc.

11/02/2017: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2015046295201 TO: Department of Enforcement Financial Industry Regulatory Authority (“FINRA”) RE: David Lerner Associates, Inc., Respondent CRD No. 5397 Pursuant to FINRA Rule 9216 of FINRA’s Code of Procedure,

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05/20/2025: From January 2015 through November 2019, DLA’s representatives recommended two illiquid, proprietary limited partnerships to thousands of customers. DLA’s supervisory system, however, was not reasonably designed to achieve compliance with FINRA’s suitability rule. DLA also failed to reasonably respond to red flags that its representatives were making unsuitable recommendations of the limited partnerships to customers. In total, DLA, through its representatives, made unsuitable recommendations to 200 customers. For these violations of FINRA Rules 3110, 2111, and 2010, the firm is censured, ordered to pay restitution of $1,002,566, and required to undertake to reconfirm select customer investment profile information. The firm also is suspended from engaging in the sale of proprietary, illiquid products, for two years.

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12/13/2011: FINANCIAL INDUSTRY REGULATORY AUTHORITY OFFICE OF HEARING OFFICERS DEPARTMENT OF ENFORCEMENT, Complainant, v. DAVID LERNER ASSOCIATES, INC. (CRD No. 5397), and DAVID LERNER (CRD No. 307120), Respondents. DISCIPLINARY PROCEEDING NO. 2009020741901 HEARING OFFICER: MC AMENDED COMPLAINT AND REQUEST FOR EXPEDITED HEARING The Department of Enforcement alleges: SUMMARY 1. Since January 2011, Respondent David Lerner Associates, Inc. ("DLA") has recommended and sold over $442 million of a $2 billion non-traded

10/22/2012: FINANCIAL INDUSTRY REGULATORY AUTHORITY OFFICE OF HEARING OFFICERS DEPARTMENT OF ENFORCEMENT, Complainant, v. DAVID LERNER ASSOCIATES, INC. (CRD No. 5397), and DAVID LERNER (CRD No. 307120), Respondents. Disciplinary Proceeding No. 2009020741901 Hearing Officer: MC ORDER ACCEPTING OFFER OF SETTLEMENT Date: October 22, 2012 INTRODUCTION Disciplinary Proceeding No. 2009020741901 was filed on May 27, 2011 and amended on December 13, 2011, by the Department

05/27/2011: FINANCIAL INDUSTRY REGULATORY AUTHORITY OFFICE OF HEARING OFFICERS DEPARTMENT OF ENFORCEMENT, Complainant, v. DAVID LERNER ASSOCIATES, INC. (CRD No. 5397), Respondent. DISCIPLINARY PROCEEDING No. 2009020741901 HEARING OFFICER: Note for Electronic Transmission of This Complaint: The issuance of a disciplinary complaint represents the initiation of a formal proceeding by FINRA in which findings as to the allegations in the complaint have not been made and does not represent a decision as to any of the

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08/25/2005: NASD OFFICE OF HEARING OFFICERS DEPARTMENT OF ENFORCEMENT, Complainant, v. DAVID LERNER ASSOCIATES, INC. B/D NO. 5397 SSH SECURITIES, INC. B/D NO. 43593 JOHN G. DEMPSEY, JR. CRD NO. 869304 AND DAVID LERNER CRD NO. 307120 Respondents. DISCIPLINARY PROCEEDING NO. CAF040070 HEARING OFFICER SARA NELSON BLOOM ORDER ACCEPTING OFFER OF SETTLEMENT AUGUST 25, 2005 Disciplinary Proceeding No. CAF-040070 was filed

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02/07/2006: NASD LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. ELI2004001401 TO: Department of Enforcement NASD RE: David Lemer Associates, Inc., Respondent Member Firm [BD No. 5397] Martin Lemer, Respondent General Securities Principal and General Securities Representative [CRD No. 871038] Russell Howard Moss, Respondent Investment Company and Variable Contracts Products Representative [CRD No. 1124611] Pursuant to Rule 9216 of NASD's Code of Procedure, Respondents David Lerner Associates, Inc. ("DLAI" or "the firm"),

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04/04/2012: FINANCIAL INDUSTRY REGULATORY AUTHORITY OFFICE OF HEARING OFFICERS DEPARTMENT OF ENFORCEMENT, Complainant, v. DAVID LERNER ASSOCIATES, INC. (CRD No. 5397) and WILLIAM MASON (CRD No. 1093049), Respondents. Disciplinary Proceeding No.20050007427 Hearing Officer - MAD EXTENDED HEARING PANEL DECISION April 4, 2012 Respondent David Lerner Associates, Inc. (DLA): For willfully charging unfair municipal bond prices in violation of MSRB Rules G-30 and G-17, as described in the First Cause of Action, DLA is fined

05/07/2010: FINANCIAL INDUSTRY REGULATORY AUTHORITY (FINRA) OFFICE OF HEARING OFFICERS DEPARTMENT OF ENFORCEMENT, Complainant, vs. DAVID LERNER ASSOCIATES, INC. (CRD No. 5397) and WILLIAM MASON (CRD No.1093049), Respondents. The Department of Enforcement alleges: SUMMARY 1. Between on or about January 1, 2005 through January 31, 2007, David Lerner Associates, Inc. ("DLA" or "Member"), and its head trader, William Mason, charged excessive markups ranging from approximately 3.01% to 5.78% on approximately 1,538 municipal

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10/12/2015: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 20140410669-O1 TO: Department of Market Regulation Financial Industry Regulatory Authority ("FINRA'') RE: David Lerner Associates, Inc., Respondent Broker-Dealer CRD No. 5397 Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Respondent David Lerner Associates, Inc. (the "Firm" or "Respondent") submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of the

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