Securities Firm Fined, Sanctioned By NASD for Radio Ads
October 3, 2005 at 8:54 AM (PT)
A securities firm's radio ads have gotten it a $155,000 fine from the NATIONAL ASSOCIATION OF SECURITIES DEALERS.
DAVID LERNER ASSOCIATES INC. has also been ordered not to hold any public seminars for 30 days and must file all of its ads and literature with the NASD at least 10 days in advance, andPres. DAVID LERNER and SVP JOHN DEMPSEY were fined $25,000 each and SSH SECURITIES $10,000, with DEMPSEY suspended for 30 days.
The fines were levied due to a series of ads run on radio stations between MAY 2001 and 2003 that included "misleading, exaggerated or unwarranted" statements and claims.