The Frankowski Firm is investigating ex-broker Jerry McCutchen. If you purchased real estate investment trusts (“REITs”) from him and lost money, you may have grounds to bring a securities claim. According to FINRA’s BrokerCheck, McCutchen has been accused of making unsuitable investment recommendations. He has also been the subject of numerous broker fraud claims alleging negligence, misrepresentations, and other claims.

In one particular case, McCutchen, while registered with Berthel Fisher & Company Financial Services, Inc. was alleged to have put a couple’s retirement funds in speculative, illiquid, alternative investments that he misrepresented as safe investments in accordance with the couple’s goals to make investments in safe products. In actuality Tier REIT, ICON Leasing Fund Twelve LLC, and others did not have proper diversity or allocation and were not suitable for these investors.

One thing these investments have in common is that they come with high commissions for the broker and low probability of success for the client.  The costs and fees associated with these investments cause the security to be so costly that significant returns are virtual impossibility. Yet, investors are in no way compensated for the additional risks of these products.

McCutchen is currently neither registered with any firm nor is he a licensed broker. Previously, he was registered with Berthel Fisher & Co., Bay City Securities, Next Financial Group, First Funds Inc., FSC Securities Corp, Central Brokerage Services, Commonwealth Equity Services, MML Investors, Proequities Inc., and Walnut Street Securities.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.