Jerry Dewayne Mccutchen Sr., of Mobile, Alabama, a stockbroker formerly registered with Berthel, Fisher & Company Financial Services, Inc., is the subject of a customer initiated investment related arbitration claim, in which several customers jointly alleged that Mccutchen made misrepresentations to the customers about real estate securities, oil and gas products, and equipment leading investments, and additionally sold them investments that they were not suitable for. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02096 (Aug. 7, 2017). The customers also alleged that Berthel, Fisher & Company Financial Services, Inc. failed to supervise Mccutchen’s activities concerning the customer’s investments.
FINRA Public Disclosure reveals that Mccutchen has been identified in thirty-three additional customer initiated investment related disputes referencing allegations of Mccutchen’s improper conduct during the time that he was employed with NEXT Financial Group, Inc., and Berthel, Fisher & Company Financial Services, Inc., ten of which have been filed since November 4, 2016. In particular, a customer initiated investment related arbitration claim involving Mccutchen’s conduct was settled for $350,000.00 in damages based upon allegations of suitability and misrepresentation in reference to investments, including interests in limited partnerships and direct investment programs. FINRA Arbitration No. 16-03170 (May 4, 2017).
Another customer arbitration claim regarding Mccutchen’s activities was resolved for $15,000.00 based upon allegations that investments effected in the customers’ accounts were unsuitable and had been induced based upon Mccutchen’s misrepresentations; the firm was additionally accused by the customers of failing to conduct an adequate amount of due diligence on investments and neglecting to supervise Mccutchen’s business activities. FINRA Arbitration No. 15-01324 (Jan. 12, 2016).
From May 30, 2017, to June 8, 2017, four customers with similar allegations against Mccutchen have filed investment related claims involving real estate securities, equipment leasing products, limited partnership and direct participation programs, in which customers have sought a collective $2,187,000.00 in damages supported by allegations of misrepresentation, failure to supervise, suitability and failure to conduct reasonable due diligence.
Mccutchen has been barred from associating with any FINRA member in any capacity by consenting to findings that he obstructed a FINRA investigation into allegations of his unsuitable investment recommendations regarding alternative investments. Letter of Acceptance, Waiver and Consent No. 2015048347401 (Sept. 5, 2016). Apparently, Mccutchen never made an appearance before FINRA personnel in August of 2016 to testify as FINRA requested, instead informing FINRA that he would not be cooperating at any time. FINRA found his conduct violative of Rules 2010 and 8210.
Mccutchen’s registration with Berthel, Fisher & Company Financial Services, Inc. has been terminated as of December 31, 2014.
Guiliano Law Group
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