Last Updated: February 2026 — Boca Raton, FL
Here’s what you need to know about Boca Raton, FL stockbroker Martin Lerner:
- Name: Martin Lerner
- CRD Number: 871038
- Current Employer: Not currently registered with any FINRA-member firm
- Prior Firms:
- David Lerner Associates, Inc. — 04/1994–05/2024
- David Lerner Associates, Inc. — 04/1980–02/1988
- First Investors Corporation — 09/1979–02/1980
- Other Business Affiliations: SRLA Inc. Insurance Agent of SRLA, Inc.
- Stockbroker / Financial Advisor: Former FINRA-registered General Securities Representative and Principal
- Can Broker be Sued in FINRA: Yes
- Sanctioned by Securities Regulators: Yes
- Highest Award or Settlement: $400,000
If you’ve sustained damages from Mr. Lerner, discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Martin Lerner As Your Stockbroker?
2025 FINRA Regulatory Action (AWC)
In May 2025, FINRA finalized an Acceptance, Waiver & Consent (AWC) alleging failure by Martin Lerne to reasonably supervise sales of illiquid, proprietary limited partnerships. The findings stated that red flags included patterns of sales to seniors and unsophisticated investors, as well as changes to customer investment profiles that enabled otherwise ineligible purchases.
Sanctions included a one-month suspension (June 2, 2025 – July 1, 2025) and a $10,000 fine.
2006 NASD Regulatory Action
In February 2006, NASD issued a final AWC finding failure to supervise activities related to variable life insurance and variable annuity replacement sales under New York Regulation 60.
Sanctions included a 20-business-day suspension in a principal capacity and a $25,000 fine (joint and several with the firm).
Customer Disputes
Lerner discloses seven customer disputes, including the following:
- FINRA Case No. 12-01806 ( FINRA arbitration Award, 2014): $260,000 award related to sale of Apple REIT units.
- FINRA Case No. 21-01087 (Settled 2022): Allegations of unsuitability, misrepresentation, and breach of fiduciary duty involving mutual funds and private placements — $400,000 settlement.
- FINRA Case No. 20-03589 (Settled 2023): Allegations of unsuitability and misrepresentation involving Energy 12 and SOAEX — $23,000 settlement.
- Additional REIT-related settlements in 2014–2015 totaling tens of thousands of dollars.
- 2013 state court matter involving variable annuity allegations settled for $35,000.
Allegations of Broker Misconduct Against Martin Lerner
- Unsuitability — Sales of illiquid limited partnerships and REITs to seniors and unsophisticated investors may implicate FINRA Rule 2111
- Failure to Supervise — Regulatory findings involved inadequate supervision of associated persons, implicating FINRA Rule 3110 (Supervision).
- Misrepresentation / Omission of Material Facts — Customer disputes allege misleading disclosures regarding risks and investment features, potentially implicating FINRA Rule 2020 and Rule 2010.
- Breach of Fiduciary Duty — Allegations that customers’ best interests were not prioritized in connection with private placements and REIT sales.
- Insurance / Annuity Replacement Issues — Prior regulatory findings involved supervision failures tied to variable annuity replacement sales under Regulation 60.
Recover Your Investment Losses Now With Rex Securities Law
Investigations of other David Lerner brokers
If you have suffered investment losses in an account handled by Martin Lerner, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
Firms We Have Pursued On Behalf of Our Clients
With offices in Boca Raton, FL, and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors, and broker-dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis, meaning that you do not pay legal fees unless we are successful.