JERRY MCCUTCHEN Sell You Bad Investments?

The FINRA BrokerCheck report for Berthel Fisher securities broker Jerry McCutchen (CRD#: 1076678, Mobile, Alabama) shows that more than 40 clients filed disputes about his sales practices between 2000 and 2019. A majority of those disputes surfaced in the last couple years. The securities broker, who FINRA barred in 2016 for failing to testify while under investigation, allegedly misrepresented and sold unsuitable investments to clients. Here’s more on allegations against McCutchen:

Berthel Fisher Client’s Dispute Suggests Jerry McCutchen Sold Unsuitable Equipment Leasing Products

A client of Berthel Fisher and Company Financial Services brought an investment dispute on April 21, 2019. Supposedly, McCutchen sold the client an equipment leasing investment which did not align with the client’s objectives. The client supposedly required access to withdrawals but the equipment leasing investment did not allow for that. Also, McCutchen allegedly placed the client in the investment when the client did not wish to take risk. However, Berthel Fisher denied this client’s claim on May 21, 2019.

December 2018 Complaint Alleges McCutchen Sold Misrepresented Investments

In FINRA Arbitration #: 18-04289 filed December 24, 2018, Berthel Fisher clients suggested McCutchen misrepresented investments. McCutchen allegedly falsified information about direct investments, equipment leasing investments, oil & gas investments, and real estate securities. Not only that, but the clients argued that McCutchen failed to perform due diligence. This supposedly prevented him from having a reasonable basis to believe that those investments were suitable for clients. Also, the clients took aim at Berthel Fisher for failed supervision. It appears that the clients alleged $625,000 in damages in this ongoing matter.

FINRA Arbitrator Orders Jerry McCutchen To Pay Client Damages For Sales Practice Violations

On June 8, 2017, a client of Berthel Fisher brought FINRA Arbitration #: 17-01368. The client asserted causes of action including violation of Alabama law, violation of NYSE/FINRA rules, breach of fiduciary duty, breach of contract, and negligent supervision. Supposedly, McCutchen, or someone under his control, sold bad direct participation programs, REITs, and equipment leasing products. Supposedly, the client experienced losses on investments including Behringer Harvard Multifamily REIT I, Cole Credit Property Trust III, American Realty Capital Trust, Atel Fund 14, ICON Equipment and Corporate Infrastructure, Hines Global REIT, Noble Royalty Access Fund V, United Development Funding IV, Virtus Storage Investment IV, and NorthStar Income Opportunity REIN T. Notably, on July 15, 2019, the Arbitrator found McCutchen liable and granted the client $1,011,115 in compensation.

McCutchen executed an Acceptance, Waiver and Consent in 2016 which resulted in FINRA barring him for allegedly refusing to testify about his alternative investment recommendations. As a result, McCutchen is prohibited from, among other things, being a broker or associating with securities firms.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Experienced losses due to Berthel Fisher securities broker Jerry McCutchen? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.