The first of many cases involving sales of Apple REITS by David Lerner Associates Inc. has resulted in an arbitration award in favor of the aggrieved investors, Joseph Graziose and Florence Hechtel. A Financial Industry Regulatory Authority (FINRA) arbitrator ordered the firm to pay them back $24,450 for their shares of Apple REIT Nine, and to reimburse them for the $425 FINRA filing fee. (“First Apple REIT case goes against Lerner,” by Andrew Osterland, InvestmentNews).