Aug 3, 2021

Boca Raton, Florida, UNITED STATES NEW YORK, Aug. 03, 2021 (GLOBE NEWSWIRE) -- National securities fraud law firm, KlaymanToskes (“KT”), continues to investigate David Lerner Associates for the unsuitable concentration in proprietary products invested in  non-traded Oil & Gas Investments  offered exclusively to its clients, which include Energy 11 LP, Energy Resource 12 LP, and Spirit of America Fund (NASDAQ: SOAEX). In addition to the loss in value, most of investors’ interest payments are now considered return of capital. According to securities attorney, Lawrence L. Klayman, “David Lerner Associates recommended proprietary products that were unsuitable for most conservative or retired investors.”  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’s performance. Klayman adds, “Based on SEC Filings, there was an incentive to recommend these proprietary products at the expense of investors.” Moreover, the Spirit of America Fund contained high commissions (up to 10%), which incentivized financial advisors to recommend these products. The investigation focuses on whether David Lerner Associates  failed to supervise  the 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. The investigation also focuses on whether David Lerner Associates and its financial advisors  misrepresented material facts  relating to the risks associated with illiquid, concentrated investments in the Oil & Energy sector and the associated higher fees/costs. The sole purpose of this release is to investigate investment recommendations provided by David Lerner Associates. Investors are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131. About Klayman Toskes 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.