White Plains, NY – December 12, 2025 – Eric A. Bernhard (CRD# 6574991), a financial advisor previously registered with NYLIFE Securities LLC, has a customer complaint on his FINRA BrokerCheck record. The complaint alleges he misled an investor into purchasing a private placement investment known as Energy 11 LP while working at David Lerner Associates. This post provides a detailed overview of the disclosure, explains investor rights, and outlines potential recovery options through FINRA arbitration.
BrokerCheck Snapshot
Name: Eric A. Bernhard
CRD #: 6574991
Firm: NYLIFE Securities LLC (not currently registered)
Location: White Plains, NY
Years in Industry: 9
Number of Disclosures: 1
Customer Complaint Against Eric A. Bernhard
According to FINRA BrokerCheck records, Eric A. Bernhard is named in one customer complaint filed while he was associated with David Lerner Associates Inc. The details are as follows:
Complaint Filed: September 25, 2025
FINRA Case Number: 25-02047
Date Complaint Received: October 14, 2025
Employing Firm: David Lerner Associates Inc., Westport, CT
Product Involved: Private Placement – Energy 11 LP
Allegation: The claimant alleges he was misled into purchasing Energy 11 LP on July 14, 2016
Alleged Damages: $65,000.00
Status: Withdrawn (as of November 20, 2025)
The complaint involved allegations related to a private placement investment in Energy 11 LP, a limited partnership. The investor alleges he was misled regarding the investment, which was purchased in July 2016. The case was filed as a FINRA arbitration matter in September 2025 but was subsequently withdrawn in November 2025.
Pattern of Complaints / Risk Factors
While this is the only disclosure on Mr. Bernhard’s record, complaints involving private placements often raise concerns about unsuitable investment recommendations, inadequate risk disclosures regarding illiquid investments, or misrepresentation of investment characteristics. Investors who purchased similar high-risk, illiquid products should carefully review their account statements and investment documentation.
Can Investors Recover Losses?
Investors who were recommended unsuitable or high-risk investments may be entitled to recover their losses through FINRA arbitration. When a financial advisor recommends an investment that is not suitable for an investor’s financial situation, risk tolerance, or investment objectives, it may constitute broker misconduct.
Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident, though the timeline can vary depending on the specific circumstances of each case.
Related Brokers and Firms
Investors who worked with advisors at NYLIFE Securities LLC or David Lerner Associates may want to review their account statements for similar issues. Common problems include recommendations of unsuitable investments, failure to supervise by the brokerage firm, and inadequate disclosure of risks associated with private placements and other alternative investments.
Frequently Asked Questions
What is the complaint against Eric A. Bernhard?
The complaint alleges that Mr. Bernhard misled an investor into purchasing Energy 11 LP, a private placement limited partnership, in July 2016 while he was registered with David Lerner Associates. The investor claimed $65,000.00 in alleged damages. The case was filed with FINRA in September 2025 but was withdrawn in November 2025.
Can investors recover losses involving NYLIFE Securities LLC or David Lerner Associates?
Yes, investors who suffered losses due to unsuitable recommendations, misrepresentation, or other forms of broker misconduct may be entitled to pursue recovery through FINRA arbitration. Both firms are FINRA member organizations, and investors have the right to file arbitration claims against registered representatives and their employing firms.
What is FINRA arbitration?
FINRA arbitration is a dispute resolution forum specifically designed for investment-related claims between investors and brokerage firms or brokers. It is typically faster and less expensive than traditional litigation. An independent arbitration panel hears evidence from both sides and issues a binding decision. Most investor agreements with brokerage firms include mandatory arbitration clauses.
What does “unsuitable investment” mean?
An unsuitable investment is one that does not align with an investor’s financial situation, investment objectives, risk tolerance, age, or investment experience. Financial advisors have a regulatory obligation to recommend only suitable investments. Recommending high-risk, illiquid investments like private placements to conservative investors or those nearing retirement may constitute unsuitability.
How do I look up a broker on BrokerCheck?
Visit FINRA’s BrokerCheck website at brokercheck.finra.org and search by the broker’s name or CRD number. The report will show the broker’s employment history, qualifications, and any disclosure events including customer complaints, regulatory actions, or terminations. All registered brokers are required to maintain accurate disclosure records.
What should I do if I suspect broker misconduct?
First, gather all account statements, correspondence, and investment documentation. Review your losses and the nature of the investments recommended. Then, file a complaint with FINRA and consult with a securities attorney who can evaluate whether you have a viable claim. Time limits apply, so it’s important to act promptly.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law for a Free Consultation
If you lost money after investing with Eric A. Bernhard or any broker at NYLIFE Securities LLC or David Lerner Associates, we can help. Our experienced securities attorneys will review your case at no cost and explain your options for recovering your investment losses.
Call us today at 800-950-6553 or email info@patillaw.com to schedule your free, confidential consultation. We handle cases nationwide and work on a contingency fee basis—you pay nothing unless we win.
Disclaimer:
The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are pending or unproven and may be contested. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
