{"id":393698,"date":"2020-12-04T15:58:52","date_gmt":"2020-12-04T20:58:52","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=393698"},"modified":"2020-12-04T15:58:52","modified_gmt":"2020-12-04T20:58:52","slug":"david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\/","title":{"rendered":"DAVID LERNER INVESTOR ALERT: KlaymanToskes Announces Preparation to File FINRA Arbitration Claim seeking more than $1,000,000 on Behalf of Investor who Purchased Spirit of America Fund"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">NEW YORK, Dec.  04, 2020  (GLOBE NEWSWIRE) &#8212; KlaymanToskes (&#8220;KT&#8221;) announces that it is preparing to file a claim against David Lerner Associates (\u201cDavid Lerner\u201d) on behalf of an investor who sustained losses due to <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=jaOwm7Kuu8HHTdV0nqjtixh6w8E2VZsxY1n74zMuw6VsfMiboFC360kJWIt-4rt4XTcIzEa9BZdOojpHFlIXMAjuxpvRW63vwi7oqZIA5xZXJGOdkeXiK4q2zKdV_n6LYJIZE4EEsA-LBxCXcS-gorCU2d-oIcOXlorniKIGHrI=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">investment and sector concentrations<\/a> in proprietary products invested in <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=-boDvQqOzROh1xNrRgGvhk02DTlso0L_0hbqFKoWqvm8SwWnuN1plKkKS8INFd14UR_Zxyf_MfLYzzDfxPTJ10P09yEFo_1E1NezkO3irBz1r4kXbUVRYr0wB1BRg9KROPf9pOmg-GG6v_MmvUh9adZY-WkgJgesMmufuzWV2lOjCx_6ocb6OmCqFGnEdgCV\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>non-traded Oil &amp; Gas Investments<\/u><\/a> offered exclusively to David Lerner clients. Specifically, this case focuses on Spirit of America Fund (NASDAQ:SOAEX), one of <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=hSLhGrcnfc6AlKNV0JjwcZYsQAIlIVDVNubJPnWFmJUo5pbrEn9HrLIOQlzPVsdJkRVjtEq0eFXJBTGpKoRkG5xUkUdTMeCkXHcYeJ-Bw-wst_Hscqp-LxZze5P4yi8xxEy43pH7kvQZdI0c-SvUJU8jBwP82SImlhWz6d1xYaQnBMvq-1iJSJkjX3Xe0CNEopckeTOT4Emvd53RWIFJMQfKokY1x2kmrVrc1eN3AjE=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">three David Lerner proprietary funds<\/a> that have recently seen a precipitous decline.<\/p>\n<p align=\"justify\">According to the claim, the investor was seeking to preserve his investment principal, while earning supplemental income to provide for his growing family, including his children\u2019s educations and other future needs. As part of the strategy implemented by David Lerner, the investor was recommended to concentrate his entire account in a single investment, Spirit of America Fund. In addition, the investor was unaware that this fund, like the other proprietary David Lerner funds, contained high commissions (up to 10%), which incentivized financial advisors to recommend these products. Ultimately, due to the <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=-JZfWsIXOWlvl6GdoKkj8l1FCaoKoOPhs5H_a0xJqIcLPRC0OsrTl5-8Ge47qAEEymLJDa8nQ84coFr3rEb86A8RnCDHwTNBro1tgSveVc06Dd1dkdjcgy2cSY1MmbbCwpuggxS12zaJbBJFfLID1YonUssZYlzGVkYO3vyj5kP-dy4jfrIBjIboypwOrlUk\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">unsuitable strategy<\/a>, the investor has lost more than $1,000,000 in investment principal.\u00a0\u00a0 In addition, most of the interest payments received by the investor are now considered return of capital.<\/p>\n<p align=\"justify\">The sole purpose of this release is to investigate on behalf of our client who was solicited to concentrate his accounts in a single investment, Spirit of America Fund. If you held accounts with David Lerner and were recommended a trading strategy involving a concentration in Spirit of America Fund and\/or were solicited to invest in other high commission proprietary products, and you have information relating to the management and supervision of your accounts, you are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131, and download our <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=6LpPC4p36BWL75UBWvvmnjaLP43yjizPNfaUl3ubjqU63aJwdtUPlpKWhpSoS_vZKSdGBEglUA58A_8exHkoqLVu6i-euIMyS-wcz_RfbR95Z_SiLLItCUf8sC0IFxTMq6lw7fb09b__T570xZFdBQDhm3nwSNK4ZmIDH-swDl9KjDNWdm-v2Wif4Yk3UAbR\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">Special Investor Report<\/a>.<\/p>\n<p align=\"justify\">\n        <strong>About <\/strong><br \/>\n        <strong>KlaymanToskes<\/strong>\n      <\/p>\n<p align=\"justify\">KT is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. KT has recovered more than $200 million for investors in arbitration and more than $300 million as counsel in investor class actions. KT has office locations in California, Florida, New York and Puerto Rico.<\/p>\n<p align=\"justify\">Destination:\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=1f6WxeT0MteFrc8CiarNi3xVq2xxrTry896ZqlreQ3lB61Z6QzIhTGsGOk747uF-TdZ973g0EYrrwNmhaH7qUW9yfpwQDHxqhIfAxKp6zf90In1OBqcZrewOQMqHuDOWqwO9LmQHTbnTxDz4WvLqjZVur7WVslhQW-Rnfz2bdP8imuf2ZW_5W26moB7PFbgHRy9sQILI2FDjXOPbswxKhLxRYtel8I5eY-qyCHuhiCZX3PMIAGAT67EwJRhh04MrNtIskO6eBeOM5wHdnZrTWPQ2CjTZVZq-Z1pDm648Tny6KZ7Wopd6iOaVHiVi0fOinK_F1TgKWiOnGAiRZ-BMuogCQDKb101Ol33ZIocITcI=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">https:\/\/klaymantoskes.com\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim<\/a>\u00a0<\/p>\n<p>Contacts:<\/p>\n<p>KlaymanToskes<br \/>Lawrence L. Klayman, Esq., <br \/>(561) 542-5131<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=D_bWrUd_rCLmW9vIhSRCFDWniNpP89CZwsQC8yykzHJ7_MQhrRscTEfo8t7FHORyDDY4NWi5F2tRsD3JTX_2f1So8Jip5RQZQcIXqXuJeOd4gD-uSeuZtTUV8ZfZhD4f\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">lklayman@klaymantoskes.com<\/a><br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=8pX952LRIQAmrissNQc9226_wpMO9yBRPHZrlM1v3WGYu-ilWfJG_j1HNG0bOs4LvpT9JLalLrNvAHdOXJgR3doHyi1OcB4SnffHbPkAnBw=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\">www.klaymantoskes.com<\/a><\/p>\n<p>\u00a0<\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5NzEwOSMzODU3MzcxIzIwMjA4OTY=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/0158c0e6-2457-4207-ac4c-b12db90c7844\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, Dec. 04, 2020 (GLOBE NEWSWIRE) &#8212; KlaymanToskes (&#8220;KT&#8221;) announces that it is preparing to file a claim against David Lerner Associates (\u201cDavid Lerner\u201d) on behalf of an investor who sustained losses due to investment and sector concentrations in proprietary products invested in non-traded Oil &amp; Gas Investments offered exclusively to David Lerner clients. Specifically, this case focuses on Spirit of America Fund (NASDAQ:SOAEX), one of three David Lerner proprietary funds that have recently seen a precipitous decline. According to the claim, the investor was seeking to preserve his investment principal, while earning supplemental income to provide for his growing family, including his children\u2019s educations and other future needs. As part of the strategy implemented by David Lerner, the &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;DAVID LERNER INVESTOR ALERT: KlaymanToskes Announces Preparation to File FINRA Arbitration Claim seeking more than $1,000,000 on Behalf of Investor who Purchased Spirit of America Fund&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-393698","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>DAVID LERNER INVESTOR ALERT: KlaymanToskes Announces Preparation to File FINRA Arbitration Claim seeking more than $1,000,000 on Behalf of Investor who Purchased Spirit of America Fund - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"DAVID LERNER INVESTOR ALERT: KlaymanToskes Announces Preparation to File FINRA Arbitration Claim seeking more than $1,000,000 on Behalf of Investor who Purchased Spirit of America Fund - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Dec. 04, 2020 (GLOBE NEWSWIRE) &#8212; KlaymanToskes (&#8220;KT&#8221;) announces that it is preparing to file a claim against David Lerner Associates (\u201cDavid Lerner\u201d) on behalf of an investor who sustained losses due to investment and sector concentrations in proprietary products invested in non-traded Oil &amp; Gas Investments offered exclusively to David Lerner clients. Specifically, this case focuses on Spirit of America Fund (NASDAQ:SOAEX), one of three David Lerner proprietary funds that have recently seen a precipitous decline. According to the claim, the investor was seeking to preserve his investment principal, while earning supplemental income to provide for his growing family, including his children\u2019s educations and other future needs. As part of the strategy implemented by David Lerner, the &hellip; Continue reading &quot;DAVID LERNER INVESTOR ALERT: KlaymanToskes Announces Preparation to File FINRA Arbitration Claim seeking more than $1,000,000 on Behalf of Investor who Purchased Spirit of America Fund&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-04T20:58:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5NzEwOSMzODU3MzcxIzIwMjA4OTY=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"DAVID LERNER INVESTOR ALERT: KlaymanToskes Announces Preparation to File FINRA Arbitration Claim seeking more than $1,000,000 on Behalf of Investor who Purchased Spirit of America Fund\",\"datePublished\":\"2020-12-04T20:58:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\\\/\"},\"wordCount\":400,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODA5NzEwOSMzODU3MzcxIzIwMjA4OTY=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\\\/\",\"name\":\"DAVID LERNER INVESTOR ALERT: KlaymanToskes Announces Preparation to File FINRA Arbitration Claim seeking more than $1,000,000 on Behalf of Investor who Purchased Spirit of America Fund - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\/","og_locale":"en_US","og_type":"article","og_title":"DAVID LERNER INVESTOR ALERT: KlaymanToskes Announces Preparation to File FINRA Arbitration Claim seeking more than $1,000,000 on Behalf of Investor who Purchased Spirit of America Fund - Market Newsdesk","og_description":"NEW YORK, Dec. 04, 2020 (GLOBE NEWSWIRE) &#8212; KlaymanToskes (&#8220;KT&#8221;) announces that it is preparing to file a claim against David Lerner Associates (\u201cDavid Lerner\u201d) on behalf of an investor who sustained losses due to investment and sector concentrations in proprietary products invested in non-traded Oil &amp; Gas Investments offered exclusively to David Lerner clients. Specifically, this case focuses on Spirit of America Fund (NASDAQ:SOAEX), one of three David Lerner proprietary funds that have recently seen a precipitous decline. According to the claim, the investor was seeking to preserve his investment principal, while earning supplemental income to provide for his growing family, including his children\u2019s educations and other future needs. As part of the strategy implemented by David Lerner, the &hellip; Continue reading \"DAVID LERNER INVESTOR ALERT: KlaymanToskes Announces Preparation to File FINRA Arbitration Claim seeking more than $1,000,000 on Behalf of Investor who Purchased Spirit of America Fund\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-04T20:58:52+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5NzEwOSMzODU3MzcxIzIwMjA4OTY=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"DAVID LERNER INVESTOR ALERT: KlaymanToskes Announces Preparation to File FINRA Arbitration Claim seeking more than $1,000,000 on Behalf of Investor who Purchased Spirit of America Fund","datePublished":"2020-12-04T20:58:52+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\/"},"wordCount":400,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA5NzEwOSMzODU3MzcxIzIwMjA4OTY=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-announces-preparation-to-file-finra-arbitration-claim-seeking-more-than-1000000-on-behalf-of-investor-who-purchased-spirit-of-america-fund\/","name":"DAVID LERNER INVESTOR ALERT: KlaymanToskes Announces Preparation to File FINRA Arbitration Claim seeking more than $1,000,000 on Behalf of Investor who Purchased Spirit of America Fund - 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