Unlisted, private REITs have been the subject of many abuses and investors face losing their shirts in these investments. The recent demise of Apple REIT investments underscore the dangers. “Owning hotels is anything but a safe, volatility-free way to invest money,” but that is not what broker-dealer David Lerner Associates (“DLA”) told its clients, according to articles by Floyd Norris entitled “Statements Skip Over REIT’s Woes” (NY Times) and in InvestmentNews entitled “Bad tip from Poppy? Finra files complaint against David Lerner Associates.”