Concerned about investment losses in ICON Income Fund Ten?
Have you suffered losses investing in ICON Income Fund Ten? If so, The White Law Group may be able to help you by filing a FINRA Arbitration claim against the brokerage firm that sold you the investment.
The White Law Group continues to investigate the sale of ICON Funds by broker-dealers. They may have failed to perform adequate due diligence when recommending this investment to clients.
ICON Investments is an alternative investment manager that provides investment products to individual and institutional investors through publicly registered programs, private funds, and separately managed accounts, according to their website.
The company 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 then, ICON has launched more than fifteen equipment rental and leasing funds. More recently, the company has launched its first oil and gas fund.
Letter to Investors
According to a letter to investors February 2015, ICON Income Fund Ten is in the process of liquidation. The letter states that “on March 1, 2015, the Trust will distribute these proceeds as well as cash on hand to its beneficial owners, including a portion of such proceeds to your clients. This distribution completes the final distribution of the remaining assets of the Trust, subject to the creation of a small reserve for the payment of expenses or obligations that may arise. “
“Accordingly, following the distribution, the Trust will be terminated and its reporting obligations with the U.S. Securities and Exchange Commission (Forms 10-K, 10-Q and 8-K) will cease. Once it has been determined that all expenses and obligations of the Trust have been satisfied, any remaining reserves will be distributed to the beneficial owners of the Trust.”
The Trouble with Private Placements
ICON Investments such as Icon Income Fund Ten were offered as private placements and intended for high net worth and sophisticated investors. 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 complex investments.
Another downfall of private placements, like ICON Income Fund Ten, is the high commissions that are 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 individual’s 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.
If you have suffered losses in ICON Income Fund Ten or another ICON 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 is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, FL
For more information on The White Law Group, visit http://whitesecuritieslaw.com