Bern International Stock

Irene on Sunday

Eddie Lima, left, and Nancy Zakhary wade through a flooded area near the Brooklyn Bridge in New York to take some pictures, Sunday, Aug. 28, 2011. Hurricane Irene bore down on a dark and quiet New York early Sunday, bringing winds and rapidly rising seawater that threatened parts of the city. The rumble of the subway system was silenced for the first time in years, the city all but shut down for the strongest tropical lashing since the 1980s.

Seth Wenig

Sixth Avenue near Radio City Music Hall is empty as Tropical Storm Irene hits in New York, on Sunday, Aug. 28, 2011. Seawater surged into the streets of Manhattan on Sunday as Irene slammed into New York, downgraded from a hurricane but still unleashing furious wind and rain. The flooding threatened Wall Street and the heart of the global financial network.

Mike Groll

The New York Stock Exchange is shown early Sunday, Aug. 28, 2011, in New York. Hurricane Irene bore down on a dark and quiet New York early Sunday, bringing winds and rapidly rising seawater that threatened parts of the city. The rumble of the subway system was silenced for the first time in years, the city all but shut down for the strongest tropical lashing since the 1980s.

Mary Altaffer

A large wall map at the National Hurricane Center in Miami shows the location of Tropical Storms Irene and newly formed Jose Sunday, Aug. 28, 2011. Jose is a minimal tropical storm that may affect Bermuda. A weakened but still dangerous Hurricane Irene shut down New York and menaced other cities more accustomed to snowstorms than tropical storms as it steamed up the East Coast on Saturday, unloading a foot of rain on North Carolina and Virginia and knocking out power to 2 million homes and businesses. At least eight people were killed.

J Pat Carter

A passerby steps over lines taken out by a large tree, which was blown down in the Astoria neighborhood of Queens by Tropical Storm Irene as it passed through New York, Sunday, Aug. 28, 2011. Tropical Storm Irene's gusty winds and rain caused thousands of power outages and flooding Sunday as Massachusetts emergency officials warned that the downgraded storm still posed a significant threat.

Napoli Bern Ripka Shkolnik LLP Files Arbitration Claim ... - Hot Stocks

Napoli Bern Ripka Shkolnik LLP Files Arbitration Claim Against David Lerner Associates for the Sale of the Apple REITS

NEW YORK, Aug. 29, 2011 (hotstocksforyou.com) — Napoli Bern Ripka Shkolnik, LLP (NBRS) filed an arbitration claim on behalf of an elderly beneficiary of a trust against David Lerner Associates, Inc. (“David Lerner”) for unsuitable recommendations, misrepresentations and other violations in connection with the Apple Real Estate Investment Trusts (REITs). Since 1992, David Lerner has earned nearly $600 million in commissions for selling the Apple REITs. NBRS is currently investigating Apple REIT Six, Apple REIT Seven, Apple REIT Eight, Apple REIT Nine and Apple REIT Ten, which almost exclusively invested in extended stay hotels. According to the complaint, the Apple REITs are alleged to be improperly valued and were sold to investors through misleading practices. 

On May 27, 2011, FINRA’s Department of Enforcement filed a complaint against David Lerner for the sale of the Apple REITs and alleged David Lerner targeted unsophisticated and elderly customers, recommended unsuitable investments without adequate due diligence, made material misrepresentations and omissions, and maintained unfair trade practices. According to FINRA’s complaint, David Lerner priced the Apple REITs on client’s statements at $11 per share despite major fluctuations in the commercial real estate market , net income declines, increased leverage through borrowings, and return of capital to investors through distributions. The beneficiary of the trust, like many other investors allegedly, was not made aware of these risks and now sues to recover the initial investment.

The law offices of Napoli Bern Ripka Shkolnik, LLP are available to represent defrauded David Lerner and Apple REIT investors. Napoli Bern Ripka Shkolnik, LLP attorneys have successfully represented thousands of investors in claims against their brokers and broker-dealers for claims, including suitability, misrepresentation and/or omissions, churning, negligence, breach of contract, breach of fiduciary duty, and other violations of the law.

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