David Lerner Associates, Inc. Apple REIT Ten Restitution Information
Restitution checks have been mailed to eligible investors in connection with their purchase of Apple REIT Ten units from David Lerner Associates, Inc. The factors considered in determining the amount of restitution were: (1) the primary account holder’s age; (2) the concentration of purchases of Applet REIT Ten relative to net worth, annual income and other Apple REIT investments held in the account; (3) the timing of the customer’s purchase of Apple REIT Ten; (4) the net worth and liquid net worth reported by the customer; (5) the annual income reported by the customer; and (6) any losses on redemption, if redeemed.
Investors retain their Apple REIT Ten units, and do not forfeit them by accepting this payment.
Likewise, accepting this payment does not foreclose an investor’s rights to pursue any other remedies they may have relating to their purchase of Apple REIT Ten units.
Additional questions or concerns
Customers with additional questions may contact FINRA at (301) 590-6500. Customers are also encouraged to read our Investor Alert, Public Non-Traded REITs—Perform a Careful Review Before Investing and FINRA’s News Release, 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.