Did PHILIPPUS VAN STADDEN Sell You iCap Investments?

The Florida-based Soreide Law Group was recently contacted by a client of Florida broker/investment advisor, PHILIPPUS THEUNIS VAN STADEN (PHILIPPUS VAN STADDEN, PHILIP VAN STADEN), who was sold iCap Investments. Van Staden has been with GREEN VISTA CAPITAL, LLC of Winter Park, Florida since July of 2018. He was previously listed with The Strategic Financial Alliance, also of Winter Park, Florida from 2014 – 2018.

Soreide Law Group has filed several claims on behalf of individual iCap investors nationwide through the Financial Industry Regulatory Authority (“FINRA”). The lawsuits filed against the brokers/brokerage firms allege that the brokers who recommended these funds breached their fiduciary duty, acted negligently, and their firms’ failed to supervise the representatives who sold these funds in large concentrations in a rising interest rate environment. It is further alleged that some of the iCap Funds paid over 10% commission to the brokers who sold it which may have motivated some brokers to make an unsuitable recommendation to their clients putting their own financial interest ahead of their clients.

In March of 2023, the CEO of iCap told investors that “it appears that interest rates are on track to continue rising which means things will likely worsen in the near term.”  The CEO further advised that “the current situation has impacted the real estate portfolio that iCap manages and therefore our ability to return capital to investors under the time frame originally proscribed in our disclosure documents.  We are writing to inform you that at this time we are not able to continue making monthly interest payments.” On September 29, 2023, iCap Enterprises and all of the funds issued by iCap, filed for Chapter 11 bankruptcy protection in the District Court in and for the Eastern District of Washington.

The following funds issued by iCap, are included in the Chapter 11 bankruptcy:

• 725 Broadway, LLC
• iCap @ UW, LLC
• iCap Broadway LLC
• iCap Campbell Way LLC
• iCap Enterprises, Inc. f/k/a Altius Development, Inc.
• iCap Equity LLC
• iCap Funding LLC
• iCap Investments, LLC
• iCap Management LLC
• iCap Northwest Opportunity Fund, LLC
• iCap Pacific Income 4 Fund, LLC
• iCap Pacific Income 5 Fund, LLC
• iCap Pacific Northwest Opportunity and Income Fund, LLC
• iCap Pacific NW Management, LLC
• iCap Realty, LLC
• iCap Vault I, LLC
• iCap Vault Management, LLC
• iCap Vault, LLC
• Senza Kenmore, LLC
• UW 17TH AVE, LLC
• Vault Holding 1, LLC
• VH 1121 14th, LLC
• VH 2nd Street Office LLC
• VH Pioneer Village LLC
• VH Senior Care LLC
• VH Willows Townhomes, LLC

According to FINRA’s BrokerCheck, available to the public on FINRA’s website, PHILIPPUS VAN STADDEN, has been in the securities industry for 20 years and has been listed with 4 firms.  Van Stadden has 4 disclosures on his FINRA CRD report, all 4 are “Customer Disputes.” There are two pending disputes alleging in part, “UNSUITABLE RECOMMENDATION, BREACH OF FIDUCIARY DUTIES, GROSS NEGLIGENCE, NEGLIGENT HIRING, and VIOLATION OF THE FLORIDA SECURITIES AND INVESTOR PROTECTION ACT.” Both of these disputes are requesting damages of $700,000.

If you’ve purchased any of the iCap funds through PHILIPPUS VAN STADDEN or any other broker/financial advisor call Soreide Law Group for a free consultation at (888) 760-6552. We represent investors nationwide on a contingency fee basis which means if there is no successful recovery there is no fee. There is a limited window of time to file your claim so please contact an attorney immediately to discuss your rights.