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NY Firm To Repay $1M, Avoids Fine Over Illiquid Investments

By Sarah Jarvis ( May 21, 2025, 5:49 PM EDT) -- New York-based broker-dealer David Lerner Associates Inc. has agreed to pay more than $1 million in restitution to end the Financial Industry Regulatory Authority's allegations that the firm's inadequate supervisory system failed to flag representatives' recommendation of illiquid limited partnerships to thousands of customers, in a settlement that includes no fine against the firm....

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