(Bloomberg) -- David Lerner was banned from the securities industry for a year and his firm ordered to pay $12 million for misleading investors into buying real estate investment trusts, regulators said.

Lerner, whose David Lerner Associates Inc. has underwritten about $7 billion of its Apple REITs, was also fined $250,000, the Financial Industry Regulatory Authority said today in a statement. The Syosset, New York-based brokerage, known for its founder’s “Take a tip from Poppy” advertising slogan, convinced elderly customers to invest by exaggerating the performance of older Apple REITs, Wall Street’s self-funded regulator said.

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