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Jerry McCutchen Barred in Connection with Over 20 Customer Complaints Alleging REIT & Alt Investment Unsuitability, Misrepresentations

FINRA barred former NEXT Financial Group and Berthel, Fisher & Co. Financial Services broker Jerry Dewayne McCutchen for refusing to cooperate with FINRA's investigation into customer allegations that McCutchen made unsuitable recommendations in certain alternative investments, including non-traded real estate investment trusts (REITs) such as ICON and Behringer Harvard.

AWC #2015048347401

McCutchen's BrokerCheck report indicates a total of 26 disclosures, including 23 customer complaints that were filed in 2012 or later (19 disputes from April 2014 - August 2016), and an additional civil judgment.

All 25 customer disputes in McCutchen's file allege that McCutchen made unsuitable recommendations and/or misrepresented proposed investments, many of which were REITs and other illiquid investments. Several of the complaints also implicated the NEXT Financial Group firm for failing to supervise representative McCutchen's real estate security dealings, which "led to a substantial loss of investments."

One particular complaint, settled for $70,000, additionally alleged fraud, breach of fiduciary duty, and negligence (both in regard to NEXT Financial's supervision and McCutchen's conduct).

Though a handful of customer disputes against McCutchen are still pending, those already settled have resulted in nearly $950,000 of granted damages.

If you have invested with ex-NEXT Financial Group and Berthel, Fisher & Co. rep Jerry Dewayne McCutchen or with any broker or financial adviser who has unsuitably recommended or misrepresented REITs or similar complex investment products that have proven harmful to your financial interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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