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This blog is written by Robert H. Rex, Esq. who is a securities attorney and a passionate advocate for investors rights. With over 30 years of legal experience, 25 of which have dealt almost exclusively with the recovery of stockmarket and investment losses for mostly elderly clients, he and his... More
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  • Former Lerner Officer Leaves To Start New Firm 1 comment
    Mar 21, 2012 7:14 PM

    The former chief compliance officer of David Lerner Associates, Inc. has formed a new firm, Cabot Lodge Securities, and has opened three offices in New York City and is opening a fourth in Boca Raton, FL.

    Cabot has 20 advisers at the time, according to the Investment News, and plans to grow to 100 or 125 by the end of the year. Cabot promises a higher payout and an ownership interest in the firm. The firm will sell proprietary products like private placements, real estate programs, oil & gas programs as well as publicly traded and nontraded real estate investment trusts.

    Albert Ackerman, Cabot's CEO has extensive experience with Lerner. Lerner has sold over $6 billion of nontraded REITs to over 100,000 customers since 1992.

    David Lerner and his company have recently been the subject of a FINRA investigation in connection with their REIT sales. More information on Lerner's problems can be found here.

    If you have questions about the way your brokerage account is being handled, please do not hesitate to contact us at 561 391 1900. We have been helping investors nationwide recover stock-market and investment losses for over twenty years.

    Visit our securities law website at RexSecuritiesLaw

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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    How does the SEC and FINRA allow Ackerman and Rooney to partner up again to steal people's money? Finra didn't they steal enough money at David Lerner?


    The 3 or 4 quotes in the article should tell you all you need about these guys. "we are looking for partners" "advisors to own 49% of the firm" but "our investors in the firm wish to remain anonymous." (Yeah,I get to own a piece but don't get to know who is controlling me).


    Ackerman serves as evp of United Realty (a real estate advisory firm) and shares office space in Manhattan with Cabot Lodge. Typical bone-head Ackerman, he thinks he is out-smarting someone yet scratch the surface and see the fleas. Ackerman and Rooney assist in stealing MILLIONS with Apple Reit and now is ready for their second performance Cabot/Beacon/United Realty. the dots are not that hard to connect- why cant he just be upfront and open about it?


    FINRA look at the website- not controlled by ALLIED BEACON! YES they are. Check finra brokercheck - where is Ackerman and Rooney registered? Allied Beacon. They might not be a subsidiary but they are an OSJ.


    Wake up FINRA and Allied Beacon- Chris Poliina - head of compliance- Rooney is running around saying you dont control him- and guess what- that is exactly how he feels.


    If you are an Allied Beacon rep you better flee- these guys are the worst!
    Watch they will bring down the whole ship - they did it before and will do it again!


    This is why everyone hates FINRA- stop the known thieves and leave the rest of us alone!


    What clowns!
    26 Mar 2012, 05:38 AM Reply Like
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