View 'investment seminars' with a wary eye

David Lerner hires kids to push his proprietary products (mostly REITS) The prospectus says he gets 10% right off the top. Probably only tells his "kids" that he is getting 8%. After his kids sell enough Private REITS, he fires them and keeps the accounts. Once invested, you can't transfer the account to another broker. He then gives the fired "kids" accounts to his "older kids" typically family member or related parties. They then wait until the account goes liquid (about 3-5yrs) and then the family members have access to say a billion dollars of money that they can generate commissions off of. And the investor gets poor service because the family has liitle time to call on illiquid accounts that they never sold.- until of course the account gets liquid again- then they act like vultures. THis is how David Lerner built his business. The old "rich" coot isn't about to change and the people that work for him only benefit by supporting this behavior.

Wow. I almost took this job. That was until I met David Lerner's brother Marty Lerner. What an "A" hole. I never got to meet David Lerner though, but I did notice that there were a lot of nepotism in the company.