Carmel, Milazzo & DiChiara LLP (CMD) is investigating investors who sustained losses in ICON Leasing Fund Twelve (“ICON”).
Investors who purchased ICON may not have been aware of the risks and lack of liquidity of the ICON Leasing Fund Twelve. ICON’s registration statement, Form S-1, filed with the SEC warns that ICON involves a high degree of risk and you should purchase shares only if you can afford complete loss of your investment. In addition, the registration statement states that the ability to sell shares will be limited because their is no public trading market, as the shares are illiquid.
Brokerage firms that sold ICON had a fiduciary duty to make investment recommendations that were suitable with an investor’s risk tolerance, investment objectives and financial needs. Further, brokerage firms are required to adequately disclose the risks associated with the investment and perform the necessary due diligence to determine whether the investment had a reasonable likelihood of success.
According to LPsales.com, a secondary marketplace for limited partnerships, units of ICON Leasing Fund Twelve selling for $145.00 as of February 2016. That’s nearly 85% less than the original purchase price of $1,000.00 per unit.
If you or someone you know lost money investing in ICON Leasing Fund Twelve, you may be able to recover your losses through securities arbitration. Brokerage firms that fail to perform adequate due diligence, or that make unsuitable recommendations, can be held responsible for losses in a FINRA arbitration claim. The attorneys at CMD are experienced in representing investors in suitability, fraud, private placements and failure to supervise actions against brokers and brokerage firms. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid. Your time to file a claim may be limited, so contact us today at (212) 658-0458 or firstname.lastname@example.org for a free and confidential case evaluation.