August 28, 2012 Comments (0) Blog, Securities Fraud

Update on Investigation into Icon Leasing Fund Eleven

Noble Royalty Access Fund VII
(Last Updated On: March 8, 2017)

Icon Leasing Fund Eleven Investment Losses

We continue to receive calls from people concerned about their Icon Leasing Fund Eleven investments, particularly in light of the recent announcement that people will not be able to get their money out of Icon for several more years than was originally anticipated.

ICON Leasing Fund Eleven, LLC engages in the acquisition, purchasing, and leasing of various equipment to third parties in the United States, Canada, and Europe. It also involves in providing equipment and other financing. The fund was founded in 2004 and is based in New York, New York.

As of March 31, 2012, Icon Leasing Fund Eleven’s portfolio consisted primarily of the following investments:

(1) Equipment, plant, and machinery used by The Teal Jones Group and Teal Jones Lumber Services.

(2) A term loan to affiliates of Northern Leasing Systems, Inc.

(3) A 55% interest in a joint venture that owns plastic films and flexible packaging manufacturing equipment for consumer products.

(4) A 6.33% interest in a joint venture that owns machining and metal working equipment submit to lease with LC Manufacturing, LLC.

(5) Auto parts manufacturing equipment leased to Heuliez SA and Heuliez Investissements SNC.

(6) A crude oil tanker, the Senang Spirit.

(7) A 45% interest in a joint venture that owns semiconductor manufacturing equipment.

Risks with Private Placements

As with any private placement, investments in ICON Leasing Fund Eleven involve risk and are only appropriate for high net worth and sophisticated investors.  Unfortunately, and likely because of the high commission that ICON pays to the brokerage firms that sell the investment to their clients, it appears that certain broker-dealers failed to adequately disclose these risks prior to recommending the funds for sale to their clients.

The White Law Group is currently representing numerous Icon Leasing Fund investors in FINRA arbitration claims against the broker-dealers that recommended the investment.

In addition to being required to make sure that any investment is suitable for a particular client before recommending it, brokerage firms also have a fiduciary duty to perform adequate due diligence on an investment before offering the investment for sale to its clients.  Based on what is known about Icon Leasing Fund Eleven, it does not appear that the firms that sold the product did perform the necessary due diligence.

Recovery of Investment Losses

To determine whether you may be able to recover investment losses incurred as a result of your purchase of ICON Leasing Fund Eleven, please contact 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 Vero Beach, Florida.

For more information on The White Law Group, visit http://www.whitesecuritieslaw.com.

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