{"id":522326,"date":"2021-08-03T15:24:22","date_gmt":"2021-08-03T19:24:22","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\/"},"modified":"2021-08-03T15:24:22","modified_gmt":"2021-08-03T19:24:22","slug":"david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\/","title":{"rendered":"DAVID LERNER INVESTOR ALERT: KlaymanToskes Continues to Investigate Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000"},"content":{"rendered":"<div class=\"mw_release\">\n<p>NEW YORK, Aug.  03, 2021  (GLOBE NEWSWIRE) &#8212; National securities fraud law firm, KlaymanToskes (\u201cKT\u201d), continues to investigate David Lerner Associates for the unsuitable concentration in proprietary products invested in\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Y438kd8VTfhrx1KjfU-BdDnMTsmFrWQmDqk4_uVPNgRarXj2IIVecee7FfRdYvU-8eIsc02mAXrsMn1Ny3lMqMDYwMt0VVf2yGPq3blbmu50I2mDyPTGY_XGOqa6acOV2OJK5bdUN_KDzlWza7dwZxUnlMCiX7C4WK1GRVXFjWsx5ykfOHmEkvMSRWc-ljYJ\" rel=\"nofollow noopener\" target=\"_blank\">non-traded Oil &amp; Gas Investments<\/a>\u00a0offered exclusively to its clients, which\u00a0include Energy 11 LP, Energy Resource 12 LP, and Spirit of America Fund (NASDAQ: SOAEX). In addition to the loss in value, most of investors\u2019 interest payments are now considered return of capital.<\/p>\n<p>According to securities attorney, Lawrence L. Klayman, \u201cDavid Lerner Associates recommended proprietary products that were unsuitable for most conservative or retired investors.\u201d\u00a0 According to the Energy 11 LP and Energy Resource 12 LP Prospectus and the Partnership Agreement with the Managing Dealer, the Managing Dealer receives a total of 6% in selling commissions and Dealer Manager Incentive Fees of an amount up to 4% of the gross proceeds of the common units sold based on the Partnership\u2019s performance. Klayman adds, \u201cBased on SEC Filings, there was an incentive to recommend these proprietary products at the expense of investors.\u201d Moreover, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=k7IOcZORpAvfJpf6qmXO7ybEgIPjSPHJV1TF3DzIov_Ajihe5Wes3vSolf4wlnPlu40hmF9p5jSbpkhG8m1KARVA5jENvvWSwjvPUuem_dWM9LBjxNnD_tXEh9QDu2Z_A0Row8rROep9-xnJG22xnKv6pJXn4UFEqnbjg-sRri24Q6s6yMSrUVGzqO_3AwEKnwaKcWuHAx9hWf22ksjSD9v-aCCJ5LaERsqD-TAhPxyCNCdQ0Y4AUCVHCuAkzOiqRjWdo7AiqYZOPF-nZysOIHcB7asgW2jupjZkQ99uMRvb5ZvkL2jt7hYIA37BzCeZ5Kk-WxQHixTJVpaS02Ips5IfVBUEpjU67ew4fM0H3Jno-ISbvW0YsH36g1sKhuUc8NtpDcshiXVdJU7TQteKM4ouXX1qzCZdVWUsAjJ7lBU=\" rel=\"nofollow noopener\" target=\"_blank\">the Spirit of America Fund<\/a> contained high commissions (up to 10%), which incentivized financial advisors to recommend these products.<\/p>\n<p>The investigation focuses on whether David Lerner Associates\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=BBzXFHj7m3RqdJ8O4Pmvuyitj8AM_N-v2hi1GZEcRJ6w-JhQn8TOgjDB8G4FnS37UvjdcIWWVeQXjA7tD8bv4WpxRPAMQ5sMRITE2zMfQZYEbug9yuVpFeusKs1SyhzUiBct7jyZg4exW5XddUCSyhL_8VL8WJBQRNmEj8be1d7M06fnudi1_VlKvTUCEK-u\" rel=\"nofollow noopener\" target=\"_blank\">failed to supervise<\/a>\u00a0the sales and marketing of its proprietary products to risk averse investors, such as retirees or other conservative investors, that were seeking income and capital preservation.\u00a0 The investigation also focuses on whether David Lerner Associates and its financial advisors\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=MtodkCfdDb6o0zR6B06so1n3VNisHT83C2RWnZdSWUJ_RHb9LEznuBYrvvbA6UgyYbr3GPh52y0ZP5lGxtqXYTtyZMyqEQ6-HMJlE0wqy9oNb1act1EG2dfRj1m-k9-MRn21h9hL5Lk_4nxIzWyojtyprvDwJmzY4rW8R9V_vjUr0PTpU7AXfolDDkw5BuC8tQkCwpHiPbExXv_1QrEKyXUKldboygORwy1ySaqbKLo=\" rel=\"nofollow noopener\" target=\"_blank\">misrepresented material facts<\/a>\u00a0relating to the risks associated with illiquid, concentrated investments in the Oil &amp; Energy sector and the associated higher fees\/costs.<\/p>\n<p>The sole purpose of this release is to investigate investment recommendations provided by David Lerner Associates.\u00a0 Investors are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131.<\/p>\n<p>\n        <strong>About Klayman Toskes<\/strong>\n      <\/p>\n<p>KT is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. KT has recovered over $220 million for investors in FINRA arbitrations. KT has office locations in California, Florida, New York, and Puerto Rico.<\/p>\n<p>\n        <strong>Destination: <\/strong><br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=7vJ5ilcB6po18udbcRtOsU0Ri0rulbIQZ8483k3NDw46BBFDjXlVSgfie5KwYBW5nKa0peOPowmC2cid3_ELLTYUsoDo2u0edOkF10peQPQlhK4p9GGU3-2UeJM7hZ-42i_OUhjMMoF6-ca_6YXd_nteWJ2P-4zWlzee0Yt3m5qcAkdlK0a0tU9tR0VRuHzWJUtrwpXDyLm06lKTh8ARmuQbMjj8ReFywncZId2Rnp3b_DkaKtAw_Flbm3PjP0wBlModxdPQlqLaZcDwtoKyJg==\" rel=\"nofollow noopener\" target=\"_blank\">https:\/\/klaymantoskes.com\/energy-11-lp-energy-12-lp-spirit-of-america-fund-investment-loss\/<\/a>\n      <\/p>\n<p>\n        <strong>Contact:<\/strong>\n      <\/p>\n<p>KlaymanToskes<br \/>Lawrence L. Klayman, Esq.<br \/>(561) 542-5131<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=x4ufDD1GKVw8kiHk9Xd8fwh9svIgG3AVNcluDDiig3Z0u5y7IKEzvk5XdAHfWhd9WHwKgr39Z9BtSV4UjpiqfGLFOrxvrw24i_3mq_v17If5Cc_IgjIYxTWBhYWQEWbK\" rel=\"nofollow noopener\" target=\"_blank\">lklayman@klaymantoskes.com<\/a><br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=UAakQ_rGG5pM3qaG3wi9i2HCfv2e7qkwqCw3s4dAs9ruds6BMRo06mmLsiZOnW8sFaK4Npu4AxKN6LjGuiLPL8VFYZPepNJcYy0KSOd5Rf4=\" rel=\"nofollow noopener\" target=\"_blank\">www.klaymantoskes.com<\/a><\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwMjA2MiM0MzM5NDEyIzIwMjA4OTY=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/c12dbbad-ea47-4390-a9ba-b383e56a3dcc\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK, Aug. 03, 2021 (GLOBE NEWSWIRE) &#8212; National securities fraud law firm, KlaymanToskes (\u201cKT\u201d), continues to investigate David Lerner Associates for the unsuitable concentration in proprietary products invested in\u00a0non-traded Oil &amp; Gas Investments\u00a0offered exclusively to its clients, which\u00a0include Energy 11 LP, Energy Resource 12 LP, and Spirit of America Fund (NASDAQ: SOAEX). In addition to the loss in value, most of investors\u2019 interest payments are now considered return of capital. According to securities attorney, Lawrence L. Klayman, \u201cDavid Lerner Associates recommended proprietary products that were unsuitable for most conservative or retired investors.\u201d\u00a0 According to the Energy 11 LP and Energy Resource 12 LP Prospectus and the Partnership Agreement with the Managing Dealer, the Managing Dealer receives a total of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;DAVID LERNER INVESTOR ALERT: KlaymanToskes Continues to Investigate Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000&#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-522326","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>DAVID LERNER INVESTOR ALERT: KlaymanToskes Continues to Investigate Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000 - 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-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\/\" \/>\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 Continues to Investigate Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"NEW YORK, Aug. 03, 2021 (GLOBE NEWSWIRE) &#8212; National securities fraud law firm, KlaymanToskes (\u201cKT\u201d), continues to investigate David Lerner Associates for the unsuitable concentration in proprietary products invested in\u00a0non-traded Oil &amp; Gas Investments\u00a0offered exclusively to its clients, which\u00a0include Energy 11 LP, Energy Resource 12 LP, and Spirit of America Fund (NASDAQ: SOAEX). In addition to the loss in value, most of investors\u2019 interest payments are now considered return of capital. According to securities attorney, Lawrence L. Klayman, \u201cDavid Lerner Associates recommended proprietary products that were unsuitable for most conservative or retired investors.\u201d\u00a0 According to the Energy 11 LP and Energy Resource 12 LP Prospectus and the Partnership Agreement with the Managing Dealer, the Managing Dealer receives a total of &hellip; Continue reading &quot;DAVID LERNER INVESTOR ALERT: KlaymanToskes Continues to Investigate Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-03T19:24:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwMjA2MiM0MzM5NDEyIzIwMjA4OTY=\" \/>\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-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"DAVID LERNER INVESTOR ALERT: KlaymanToskes Continues to Investigate Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000\",\"datePublished\":\"2021-08-03T19:24:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\\\/\"},\"wordCount\":394,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODMwMjA2MiM0MzM5NDEyIzIwMjA4OTY=\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\\\/\",\"name\":\"DAVID LERNER INVESTOR ALERT: KlaymanToskes Continues to Investigate Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000 - 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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-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\/","og_locale":"en_US","og_type":"article","og_title":"DAVID LERNER INVESTOR ALERT: KlaymanToskes Continues to Investigate Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000 - Market Newsdesk","og_description":"NEW YORK, Aug. 03, 2021 (GLOBE NEWSWIRE) &#8212; National securities fraud law firm, KlaymanToskes (\u201cKT\u201d), continues to investigate David Lerner Associates for the unsuitable concentration in proprietary products invested in\u00a0non-traded Oil &amp; Gas Investments\u00a0offered exclusively to its clients, which\u00a0include Energy 11 LP, Energy Resource 12 LP, and Spirit of America Fund (NASDAQ: SOAEX). In addition to the loss in value, most of investors\u2019 interest payments are now considered return of capital. According to securities attorney, Lawrence L. Klayman, \u201cDavid Lerner Associates recommended proprietary products that were unsuitable for most conservative or retired investors.\u201d\u00a0 According to the Energy 11 LP and Energy Resource 12 LP Prospectus and the Partnership Agreement with the Managing Dealer, the Managing Dealer receives a total of &hellip; Continue reading \"DAVID LERNER INVESTOR ALERT: KlaymanToskes Continues to Investigate Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\/","og_site_name":"Market Newsdesk","article_published_time":"2021-08-03T19:24:22+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwMjA2MiM0MzM5NDEyIzIwMjA4OTY=","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-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"DAVID LERNER INVESTOR ALERT: KlaymanToskes Continues to Investigate Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000","datePublished":"2021-08-03T19:24:22+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\/"},"wordCount":394,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODMwMjA2MiM0MzM5NDEyIzIwMjA4OTY=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/david-lerner-investor-alert-klaymantoskes-continues-to-investigate-unsuitable-concentration-in-proprietary-products-invested-in-energy-11-lp-energy-resource-12-lp-and-spirit-of-america-fund-which-re\/","name":"DAVID LERNER INVESTOR ALERT: KlaymanToskes Continues to Investigate Unsuitable Concentration in Proprietary Products Invested in Energy 11 LP, Energy Resource 12 LP and Spirit of America Fund Which Resulted in Losses in Excess of $250,000 - 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