ICON Leasing Fund Investment Losses
The White Law Group continues to investigate the sale of ICON Funds by broker-dealers that may have failed to perform adequate due diligence when recommending this investment to clients.
According to their web site “ICON Investments is a leading alternative investment manager that provides investment products to individual and institutional investors through publicly registered programs, private funds, and separately managed accounts.” ICON is headquartered in New York with offices in London and Singapore. ICON launched its first investment fund, ICON Cash Flow Partners L.P., in 1987. Since than, ICON has launched more than fifteen equipment rental and leasing funds. More recently, the company has launched its first oil and gas fund.
According to SEC filings, ICON Income Fund 8 and ICON Income Fund 10 are in the process of liquidation. For many investors, this is troubling news. Income Fund 9 completed its liquidation period and dissolution of the fund on January 23, 2013.
Trouble with Private Placements
ICON Funds were offered as private placements and intended for high net worth and sophisticated investor. Therefore, they are not subject to the same public scrutiny and regulations by the SEC as more traditional investment. Private placements are generally risky, illiquid, and complexly structured investments.
Another downfall of private placements, like ICON Leasing Funds, is the high commission that is paid to the broker-dealer that sells the investment. Unfortunately, this often results in misrepresentation and failure to adequately disclose the risk prior to selling the fund to individual investors. Broker-dealers have a legal obligation to act in the best interest of their clients
In addition broker-dealers have to demonstrate adequate due diligence on an investment before recommending the investment to a client. Furthermore, recommendations should be consistent with an individuals risk tolerance, financial objectives, and investment knowledge.
Broker-dealers that have not done their fiduciary duty or performed adequate due diligence when selling investments may be held liable for damages lost through FINRA arbitration.
Recovery of Investment Losses
If you have suffered losses in regards to an ICON Fund investment and would like to discuss litigation options, please call The White Law Group at (888) 637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit https://whitesecuritieslaw.com
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