Vernon Litigation Group Files Another Claim Over Icon and Behringer Harvard Investments

Investor’s rights attorney Chris Vernon and the Law Firm of Dovin Malkin & Ficken file another claim against Berthel Fisher & Company Financial Services, Inc. and Jerry McCutchen over Icon and Behringer Harvard Investments.

( — August 5, 2014) Naples, Florida — Investor’s rights attorney Chris Vernon and Dovin Malkin & Ficken, LLC, recently filed an arbitration claim against Berthel Fisher & Company Financial Services, Inc. and Jerry McCutchen for the inappropriate recommendation and sale of two illiquid and risky investments to clients looking to invest their deceased daughter’s death benefits in a conservative portfolio.  The two investments at issue are Icon Leasing Fund Twelve and TIER REIT, Inc. (formerly known as Behringer Harvard REIT I). This is not the first time that these two law firms have filed a claim against Berthel & Fisher.

According to the claim recently filed in FINRA arbitration, the advisor, registered with Berthel Fisher & Company Financial Services, Inc., was approached by a husband and wife who sought to invest a sizeable sum that had been awarded as death benefits following the tragic loss of a daughter.  The claim states that the couple wanted to invest in a conservative, long-term investment portfolio.  According to the claim, the investors stressed additionally the emotional significance of the funds.  Due to the monies’ link to the loss of their daughter, the couple wished to preserve the capital and not see it squandered.

According to the claim, despite the investors’ conservative objectives, the advisor proceeded to invest the funds into two illiquid, speculative alternative investments—Behringer Harvard REIT I (now TIER REIT, Inc.) and Icon Leasing Fund Twelve LLC.  The claim states that these investments were represented by Mr. McCutchen to be safe investments.  Based on McCutchen’s alleged representations, the couple agreed to place these funds into Behringer Harvard REIT I and Icon Leasing Fund Twelve LLC.

The claim asserts that the two investments were speculative, illiquid investments that carried significant risk.  The claim also asserts that it was inappropriate to place so much of their funds in these high-risk alternative investments, particularly given the investors’ desire for a conservative portfolio.

According to the claim, the investors initially believed their investments were doing well due in part to the fact that the statements showed a steady value plus dividends.  Subsequently, Behringer Harvard’s TIER REIT re-priced the value of its shares from $10.00 per share to $4.25 and the Icon Leasing Fund similarly lowered its valuation significantly.

In the claim, the investors assert that Berthel Fisher and Mr. McCutchen, among other legal wrongs, acted in a negligent manner.  In the claim, material misrepresentations and omissions are asserted and detailed.  Further, the allegations in the claim highlight Mr. McCutchen’s failure to recommend suitable investments for the investors and failure to diversify the investments.  The investors are seeking significant compensatory damages, along with costs and attorney’s fees.

Investor’s rights and experienced REIT attorney Chris Vernon continues to represent investors across the country who have suffered considerable losses from alternative investments, such as Icon Leasing Fund Twelve and Behringer Harvard REIT (n/k/a TIER REIT, Inc.). As a veteran of many securities claims and cases, the attorneys of Vernone Healy implore you to contact them If you are concerned about your investments with Berthel Fisher & Company Financial Services, Inc. or Jerry McCutchen, or the circumstances under which any of the investments were offered and sold to you by any other financial institution or financial advisor, please call Vernon Litigation Group toll-free at 1 (877) 649-5394. They are an experienced REIT law firm that is willing to help anyone they can.

About Vernon Litigation Group

Vernon Litigation Group is a law firm based in Naples, Florida which prides itself in representing clients in mediations, courtroom litigation, and arbitrations.

Vernon Litigation Group

999 Vanderbilt Beach Road, Suite 200, The Fifth Third Center

Naples, Florida United States 34108

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