David Lerner Advisor Jeffrey Basford Allegedly sold Unsuitable Energy Investments to Clients
According to the Financial Industry Regulatory Authority, on August 15, 2022, the regulator has barred financial advisor Jeffrey Basford (CRD # 5077566) of Westport, Connecticut after allegations that he sold unsuitable energy investments to his clients.
According to a Letter of Acceptance, Waiver and Consent Basford reportedly refused to appear for on-the-record testimony requested by FINRA during its investigation into his potential unsuitable sales of proprietary energy products to customers at his member firm.
Basford’s broker report indicates that he has three customer complaints filed against him in 2021 for allegations of “unsuitability, misrepresentation/omission.” Allegations are reportedly concerning the David Lerner and Associates proprietary energy offering, Energy 11 LP. The fund has purportedly failed to pay millions in distributions according to a recent article in Investment News.
According to his FINRA Broker report, Basford was reportedly affiliated with DAVID LERNER ASSOCIATES, INC. (CRD#:5397) of WESTPORT, CT from 01/27/2006 – 05/13/2022.
To learn more about the investigation involving Jeffrey Basford and David Lerner Associates, please see: David Lerner Associates’ Energy 11 LP has $45M in Unpaid Distributions
Potential Lawsuits to Recover Investment Losses
The White Law Group is investigating potential securities claims involving former Jeffrey Basford and David Lerner Associates may have for failure to properly supervise him.
When brokers abuse client accounts or conduct transactions that violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you are concerned about investments with Jeffrey Basford and David Lerner Associates, the securities attorneys of The White Law Group may be able to help you. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.
Tags: Jeffrey Basford, Jeffrey Basford complaints, Jeffrey Basford CT, Jeffrey Basford David Lerner, Jeffrey Basford Energy 11 LP, Jeffrey Basford finra, Jeffrey Basford investigation, Jeffrey Basford lawsuit, Jeffrey Basford Losses, Jeffrey Basford unsuitable energy investment Last modified: December 5, 2022