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Frankowski Firm Investigating Former Broker Jerry McCutchen

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 [...]

By |April 14th, 2016|Press Releases & News, Broker Check, FINRA|
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UMT Headquarters Raided By Law Enforcement

Law enforcement authorities raided the headquarters of United Mortgage Trust ("UMT") in a suburb of Dallas, Texas this month, looking for documents pertaining to management of the company. A search warrant was issued by a federal magistrate of the United States District Court for the Northern District of Texas. Particular executive offices and employees were also served grand jury subpoenas. UMT has not disclosed additional details about the purpose of the raid. The raid comes on the heels of a response issued on February 8 by United Development Funding IV, an entity affiliated with UMT, to a website about the company created by the hedge fund Hayman Capital Management. Hayman, which is controlled by Kyle Bass, accused UMT's management of running a Ponzi-like real estate scheme. United Mortgage is a real estate investment trust that invests in pools of residential real estate loans. If you or someone you know has lost money after purchasing an investment, please contact Richard Frankowski [...]

By |March 2nd, 2016|Fraud, Press Releases & News|
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Frankowski Firm Investigating UDF REITs

The Frankowski Firm is continuing its investigation into United Development Funding III and IV (UDF) on behalf of investors in the company's real estate investment trusts (REITs). The FBI recently raided the company's offices in Texas, and immediately afterward UDF IV's price dropped to $3.20 per share, more than 81% lower than its December 2015 price of $17.20. Investors have lost about $1 billion in UDF investments and shareholder class action lawsuits have been filed. The investment fraud attorneys at The Frankowski Firm believe that they can help investors recover their losses, including investors who invested in UDF products prior to June 2014. Richard Frankowski, owner of The Frankowski Firm said, "Investment advisers, brokers and their firms have a legal duty to understand and communicate to investors all the material facts about an investment, including the risks, before the investment is made. In other words, they have a duty not to misrepresent or fail to disclose any important facts before [...]

By |March 2nd, 2016|Legal Matters, FINRA, Fraud, Press Releases & News|
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Texas REIT Subpoenaed Following FBI Raid

Management of real estate investment trust United Development Funding IV, a hedge fund accused of operating as a Ponzi scheme, has been subpoenaed to turn over company documents to a grand jury. Last week, the FBI raided the REIT's offices outside of Dallas. While performing their search, “law enforcement officers served executive officers of the trust and certain other employees of the trust's advisor and its affiliates” with the subpoenas for company documents, according to a filing with the SEC. UDF IV share prices plummeted after the news of the FBI raid last week. Shares fell nearly 55% during trading on Thursday to $3.20 per share. That day, NASDAQ told UDF it was suspending trading of the Texas REIT. In the SEC filing, the company said that it did not “believe that it, its officers or the employees of its advisor and its affiliates have violated any laws or regulations, and the trust intends to cooperate fully with the government's investigation.” [...]

By |February 22nd, 2016|Fraud, Press Releases & News, SEC|
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Disclaimer: Mr. Frankowski is licensed in Alabama,Florida and Texas. He is not licensed in any other state including Nevada and California. Mr. Frankowski has represented investors from all over the country in securities cases including: Alabama, California, Colorado, Florida, Georgia, Illinois, Kentucky, Louisiana, Mississippi, Nevada, New Mexico New York, North Carolina, Tennessee, Texas.