Daniel Todd Lerner (CRD #1255769) Has Regulatory and Customer Dispute Disclosures on FINRA BrokerCheck

Daniel Todd Lerner (CRD #1255769) is a broker with regulatory and customer dispute disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on June 10, 2026. It reflects one regulatory event and 19 customer disputes. If you invested with Daniel Lerner and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory Actions

Daniel Lerner’s FINRA BrokerCheck Report reflects one regulatory disclosure. A summary of the action is below:

On May 20, 2025, FINRA accepted an AWC with Daniel Lerner. Lerner consented to findings without admitting or denying them. FINRA found that he recommended an illiquid, proprietary limited partnership to a customer. FINRA found he lacked a reasonable basis to believe the investment was suitable. The customer was a 92-year-old retiree. FINRA stated that she invested about 25 percent of her liquid net worth in the limited partnership. FINRA fined Lerner $5,000 and suspended him in all capacities for two months. The suspension ran from June 16, 2025, through August 15, 2025. FINRA also accepted an AWC from Lerner’s member firm. That AWC required $3,600 in restitution to the customer.

Investor Disputes / Customer Complaints

Daniel Lerner’s FINRA BrokerCheck Report reflects 19 customer dispute disclosures. Two summaries are below:

On April 14, 2026, a customer alleged unsuitable recommendations. Daniel Lerner’s FINRA BrokerCheck Report lists the products as private placements of Energy 11, L.P. and Energy Resources 12, L.P. The customer sought $380,000 in damages. The written complaint remains pending.

On April 8, 2026, a customer alleged misrepresentation. Daniel Lerner’s FINRA BrokerCheck Report lists the products as private placements of Energy 11, L.P. and Energy Resources 12, L.P. The customer sought $222,091 in damages. The written complaint remains pending.

Because this category has more than two disclosures, this section summarizes two. Seventeen additional customer dispute disclosures remain in Daniel Lerner’s FINRA BrokerCheck Report and are not summarized above.

Rule Summary #1: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 generally requires that a recommendation fit the customer’s investment profile. In disputes involving private placements, suitability often turns on risk, liquidity, and concentration.

Rule Summary #2: FINRA Rule 2020 (Use of Manipulative, Deceptive or Other Fraudulent Devices)

FINRA Rule 2020 prohibits inducing a securities transaction through manipulative or deceptive devices. Claims involving misrepresentations or omissions may raise concerns under this rule.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Daniel Lerner:

Is currently registered with David Lerner Associates, Inc.

Has passed the Securities Industry Essentials (SIE) exam. Daniel Lerner has passed Series 7 and Series 52. He has also passed Series 24 and Series 63.

Was previously registered with firms that include Prudential Securities Incorporated, Charles Schwab & Co., Inc., and M.L. Stern & Co., LLC.

Kurta Law Can Help

If you have worked with Daniel Lerner and have concerns, Kurta Law may be able to help. The firm can evaluate your legal options. A securities attorney can assess possible causes of action. Counsel can review whether losses may be recoverable through FINRA arbitration or other avenues. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Unsuitable Investments | Misrepresentation and Omission

For nearly 20 years, Kurta Law has advocated for investors. Our firm helps hold financial professionals accountable. We represent clients nationwide in securities arbitration and related disputes. An attorney can review the facts and explain possible next steps.