Jerry Dewayne McCutchen Sr. of Mobile Alabama a stockbroker formerly associated with Berthel Fisher Company Financial Services and NEXT Financial Group has been referenced in a customer initiated investment related arbitration claim in which the customer requested $168,000.00 in damages based upon allegations that misrepresentations and omissions had been made to the customer concerning equipment leasing securities and that the customer was defrauded. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00274 (Feb. 7, 2020). According to the claim, the customer had been provided with bad investment recommendations from McCutchen. The claim also alleges that the stockbroker’s actions were not reasonably supervised by Berthel Fisher and NEXT Financial Group.
FINRA Public Disclosure reveals that McCutchen has been identified in forty-eight additional customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was employed by Berthel Fisher. Particularly, on December 27, 2019, a customer filed an investment related arbitration claim in reference to McCutchen’s conduct where the customer sought $200,000.00 in damages based upon accusations of misrepresentation and suitability concerning equipment leasing products and real estate securities. The claim also alleges that there was a lack of due diligence by McCutchen prior to investment recommendations being made to the customer. FINRA Arbitration No. 19-03784.
On January 6, 2020, another customer filed an investment related arbitration claim involving McCutchen’s conduct in which the customer requested $500,000.00 in damages based upon allegations of the customer being placed into bad oil and gas investments and equipment leasing securities by McCutchen and without adequate supervision by Berthel Fisher. FINRA Arbitration No. 19-03781. McCutchen is the subject of another customer initiated investment related arbitration claim in which the customer requested $1,000,000.00 in damages based upon allegations that misrepresentations had been made to the customer by McCutchen. The claim also indicates that bad direct participation program interests, limited partnership interests, real estate securities and equipment leasing securities had been sold to the customer. FINRA Arbitration No. 19-03785 (Jan. 10, 2020).
McCutchen has been barred from associating with any FINRA member in any capacity founded on consenting to findings that he failed to cooperate in a FINRA investigation concerning accusations of his bad advice to customers regarding alternative investments. Letter of Acceptance Waiver and Consent No. 2015048347401 (Sept. 6, 2016). McCutchen was found by FINRA to be in violation of FINRA Rules 2010 and 8210.
