Jerry DeWayne McCutchen Sr. - FINRA BrokerCheck Report

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BrokerCheck report for Jerry DeWayne McCutchen Sr. It is uploaded here by Vernon Healy law firm. To learn more about your broker, please visit investigate your broker, or call us at 877-649-5394.

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Jerry DeWayne McCutchen Sr. - FINRA BrokerCheck Report

  1. 1. BrokerCheck Report JERRY DEWAYNE MCCUTCHEN SR Report #33966-90421, data current as of Monday, March 10, 2014. Section Title Report Summary Broker Qualifications Registration and Employment History Disclosure Events CRD# 1076678 1 2 - 4 5 - 6 7 Page(s)
  2. 2. About BrokerCheck® BrokerCheck offers information on all current-and many former-FINRA-registered securities brokers, and all current and former FINRA-registered securities firms. FINRA strongly encourages investors to use BrokerCheck to check the background of securities brokers and brokerage firms before deciding to conduct, or continue to conduct, business with them. ·· What is included in a BrokerCheck report? BrokerCheck reports for individual brokers include information such as employment history, professional qualifications, disciplinary actions, criminal convictions, civil judgments and arbitration awards. BrokerCheck reports for brokerage firms include information on a firm’s profile, history, and operations, as well as many of the same disclosure events mentioned above. Please note that the information contained in a BrokerCheck report may include pending actions or allegations that may be contested, unresolved or unproven. In the end, these actions or allegations may be resolved in favor of the broker or brokerage firm, or concluded through a negotiated settlement with no admission or finding of wrongdoing. ·· Where did this information come from? The information contained in BrokerCheck comes from FINRA’s Central Registration Depository, or CRD® and is a combination of: o information FINRA and/or the Securities and Exchange Commission (SEC) require brokers and brokerage firms to submit as part of the registration and licensing process, and o information that regulators report regarding disciplinary actions or allegations against firms or brokers. ·· How current is this information? Generally, active brokerage firms and brokers are required to update their professional and disciplinary information in CRD within 30 days. Under most circumstances, information reported by brokerage firms, brokers and regulators is available in BrokerCheck the next business day. ·· What if I want to check the background of an investment adviser firm or investment adviser representative? To check the background of an investment adviser firm or representative, you can search for the firm or individual in BrokerCheck. If your search is successful, click on the link provided to view the available licensing and registration information in the SEC's Investment Adviser Public Disclosure (IAPD) website at http://www.adviserinfo.sec.gov. In the alternative, you may search the IAPD website directly or contact your state securities regulator at http://www.nasaa.org. ·· Are there other resources I can use to check the background of investment professionals? FINRA recommends that you learn as much as possible about an investment professional before deciding to work with them. Your state securities regulator can help you research brokers and investment adviser representatives doing business in your state. Thank you for using FINRA BrokerCheck. For more information about FINRA, visit www.finra.org. Using this site/information means that you accept the FINRA BrokerCheck Terms and Conditions. A complete list of Terms and Conditions can be found at For additional information about the contents of this report, please refer to the User Guidance or www.finra.org/brokercheck. It provides a glossary of terms and a list of frequently asked questions, as well as additional resources. brokercheck.finra.org
  3. 3. JERRY D. MCCUTCHEN SR CRD# 1076678 Currently employed by and registered with the following FINRA Firm(s): BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC. 524 - A BOULEVARD PARK W MOBILE, AL 36609 CRD# 13609 Registered with this firm since: 01/26/2007 Report Summary for this Broker This report summary provides an overview of the broker's professional background and conduct. Additional information can be found in the detailed report. Disclosure Events All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings, and criminal or civil judicial proceedings. Are there events disclosed about this broker? Yes The following types of disclosures have been reported: Type Count Customer Dispute 7 Investment Adviser Representative Information http://www.adviserinfo.sec.gov The information below represents the individual's record as a broker. For details on this individual's record as an investment adviser representative, visit the SEC's Investment Adviser Public Disclosure website at Broker Qualifications This broker is registered with: 1 Self-Regulatory Organization 13 U.S. states and territories This broker has passed: 2 Principal/Supervisory Exams 2 General Industry/Product Exams 1 State Securities Law Exam Is this broker currently suspended or inactive with any regulator? No Registration History This broker was previously registered with the following FINRA firm(s): NEXT FINANCIAL GROUP, INC. CRD# 46214 MOBILE, AL 05/2003 - 01/2007 FSC SECURITIES CORPORATION CRD# 7461 ATLANTA, GA 12/1998 - 05/2003 COMMONWEALTH EQUITY SERVICES, INC. CRD# 8032 WALTHAM, MA 12/1995 - 12/1998 www.finra.org/brokercheck User Guidance 1©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  4. 4. www.finra.org/brokercheck User Guidance Broker Qualifications Registrations This section provides the self-regulatory organizations (SROs) and U.S. states/territories the broker is currently registered and licensed with, the category of each license, and the date on which it became effective. This section also provides, for every brokerage firm with which the broker is currently employed, the address of each branch where the broker works. This individual is currently registered with 1 SRO and is licensed in 13 U.S. states and territories through his or her employer. Employment 1 of 1 Firm Name: Main Office Address: Firm CRD#: BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC. 13609 701 TAMA STREET BUILDING B MARION, IA 52302-0609 SRO Category Status Date FINRA General Securities Principal APPROVED 01/26/2007 FINRA General Securities Representative APPROVED 01/26/2007 FINRA Municipal Fund APPROVED 01/26/2007 U.S. State/ Territory Category Status Date Alabama Agent APPROVED 02/09/2007 Alaska Agent APPROVED 04/21/2010 California Agent APPROVED 01/26/2007 Colorado Agent APPROVED 04/16/2013 Florida Agent APPROVED 01/26/2007 Georgia Agent APPROVED 01/26/2007 Louisiana Agent APPROVED 01/26/2007 Michigan Agent APPROVED 11/27/2012 Mississippi Agent APPROVED 01/26/2007 South Carolina Agent APPROVED 05/21/2007 Texas Agent APPROVED 01/26/2007 U.S. State/ Territory Category Status Date Virginia Agent APPROVED 01/26/2007 West Virginia Agent APPROVED 01/26/2007 2©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  5. 5. www.finra.org/brokercheck User Guidance Broker Qualifications Employment 1 of 1, continued Branch Office Locations BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC. 524 - A BOULEVARD PARK W MOBILE, AL 36609 3©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  6. 6. www.finra.org/brokercheck User Guidance Broker Qualifications Industry Exams this Broker has Passed This individual has passed 2 principal/supervisory exams, 2 general industry/product exams, and 1 state securities law exam. This section includes all securities industry exams that the broker has passed. Under limited circumstances, a broker may attain a registration after receiving an exam waiver based on exams the broker has passed and/or qualifying work experience. Any exam waivers that the broker has received are not included below. Exam Category Date Principal/Supervisory Exams General Securities Principal Examination 05/22/1987Series 24 Municipal Fund Securities Principal Examination 06/03/2003Series 51 Exam Category Date General Industry/Product Exams National Commodity Futures Examination 06/22/1987Series 3 General Securities Representative Examination 01/15/1983Series 7 Exam Category Date State Securities Law Exams Uniform Securities Agent State Law Examination 07/02/1986Series 63 Additional information about the above exams or other exams FINRA administers to brokers and other securities professionals can be found at www.finra.org/brokerqualifications/registeredrep/. 4©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  7. 7. www.finra.org/brokercheck User Guidance Registration and Employment History Registration History Registration Dates Firm Name CRD# Branch Location The broker previously was registered with the following FINRA firms: 05/2003 - 01/2007 NEXT FINANCIAL GROUP, INC. 46214 MOBILE, AL 12/1998 - 05/2003 FSC SECURITIES CORPORATION 7461 ATLANTA, GA 12/1995 - 12/1998 COMMONWEALTH EQUITY SERVICES, INC. 8032 WALTHAM, MA 10/1992 - 11/1995 PROEQUITIES, INC. 15708 BIRMINGHAM, AL 12/1991 - 08/1992 WALNUT STREET SECURITIES, INC. 15840 EL SEGUNDO, CA 11/1989 - 11/1991 MML INVESTORS SERVICES, INC. 10409 SPRINGFIELD, MA 06/1987 - 06/1989 CENTRAL BROKERAGE SERVICES, INC. 17086 BIRMINGHAM, AL 06/1986 - 01/1987 FIRST FUNDS INCORPORATED 17415 01/1983 - 04/1983 BAY CITY SECURITIES, INC. 12976 Employment History Employment Dates Employer Name Employer Location Below is the broker's employment history for up to the last 10 years. Please note that the broker is required to provide this information only while registered with FINRA and the information is not updated after the broker ceases to be registered. Therefore, an employment end date of "Present" may not reflect the broker's current employment status. 01/2012 - Present RETIRING WITH DIGNITY, INC MOBILE, AL 01/2010 - Present UNIVERSITY OF MOBILE EIGHT MILE, AL 08/2009 - Present MUSIC SOUND CENTER, LLC MOBILE, AL 01/2007 - Present BERTHEL FISHER & COMPANY FINANCIAL SERVICES INC MOBILE, AL 01/2007 - Present MCCUTCHEN ENTERPRISES LLC - A MONTANA CORP MISSOULA, MT 01/2002 - Present JERRY D MCCUTCHEN - RENTAL PROPERTY DUCK KEY, FL 06/1989 - Present THE MCUTCHEN COMPANY MOBILE, AL 05/2003 - 01/2007 NEXT FINANCIAL GROUP INC MOBILE, AL 5©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  8. 8. www.finra.org/brokercheck User Guidance Registration and Employment History Other Business Activities This section includes information, if any, as provided by the broker regarding other business activities the broker is currently engaged in either as a proprietor, partner, officer, director, employee, trustee, agent or otherwise. This section does not include non-investment related activity that is exclusively charitable, civic, religious or fraternal and is recognized as tax exempt. No information reported. 6©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  9. 9. www.finra.org/brokercheck User Guidance Disclosure Events What you should know about reported disclosure events: 1. All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings, and criminal or civil judicial proceedings. 2. Certain thresholds must be met before an event is reported to CRD, for example: o A law enforcement agency must file formal charges before a broker is required to disclose a particular criminal event. o A customer dispute must involve allegations that a broker engaged in activity that violates certain rules or conduct governing the industry and that the activity resulted in damages of at least $5,000. 3. Disclosure events in BrokerCheck reports come from different sources: o As mentioned at the beginning of this report, information contained in BrokerCheck comes from brokers, brokerage firms and regulators. When more than one of these sources reports information for the same disclosure event, all versions of the event will appear in the BrokerCheck report. The different versions will be separated by a solid line with the reporting source labeled. 4. There are different statuses and dispositions for disclosure events: o A disclosure event may have a status of pending, on appeal, or final. § A "pending" event involves allegations that have not been proven or formally adjudicated. § An event that is "on appeal" involves allegations that have been adjudicated but are currently being appealed. § A "final" event has been concluded and its resolution is not subject to change. o A final event generally has a disposition of adjudicated, settled or otherwise resolved. § An "adjudicated" matter includes a disposition by (1) a court of law in a criminal or civil matter, or (2) an administrative panel in an action brought by a regulator that is contested by the party charged with some alleged wrongdoing. § A "settled" matter generally involves an agreement by the parties to resolve the matter. Please note that brokers and brokerage firms may choose to settle customer disputes or regulatory matters for business or other reasons. § A "resolved" matter usually involves no payment to the customer and no finding of wrongdoing on the part of the individual broker. Such matters generally involve customer disputes. For your convenience, below is a matrix of the number and status of disclosure events involving this broker. Further information regarding these events can be found in the subsequent pages of this report. You also may wish to contact the broker to obtain further information regarding these events. Final On AppealPending Customer Dispute 3 4 N/A 7©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  10. 10. www.finra.org/brokercheck User Guidance 8©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  11. 11. www.finra.org/brokercheck User Guidance Disclosure Event Details When evaluating this information, please keep in mind that a discloure event may be pending or involve allegations that are contested and have not been resolved or proven. The matter may, in the end, be withdrawn, dismissed, resolved in favor of the broker, or concluded through a negotiated settlement for certain business reasons (e.g., to maintain customer relationships or to limit the litigation costs associated with disputing the allegations) with no admission or finding of wrongdoing. This report provides the information exactly as it was reported to CRD and therefore some of the specific data fields contained in the report may be blank if the information was not provided to CRD. Customer Dispute - Settled This type of disclosure event involves a consumer-initiated, investment-related complaint, arbitration proceeding or civil suit containing allegations of sale practice violations against the broker that resulted in a monetary settlement to the customer. Disclosure 1 of 3 Reporting Source: Broker Employing firm when activities occurred which led to the complaint: Allegations: BERTHEL FISHER & COMPANY FINANCIAL SERVICES, INC. THE CLIENT ALLEGES THAT THE MONEY HE INVESTED, BEGINING IN 1998, IN HIS ROLLOVER IRA WAS UNSUITABLE. Product Type: Annuity-Variable Real Estate Security Alleged Damages: $400,000.00 Date Notice/Process Served: 06/14/2013 Arbitration Pending? No Disposition: Settled Disposition Date: 09/11/2013 Monetary Compensation Amount: $20,000.00 Arbitration Information Arbitration/CFTC reparation claim filed with (FINRA, AAA, CFTC, etc.): FINRA Docket/Case #: 13-01638 9©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  12. 12. www.finra.org/brokercheck User Guidance Monetary Compensation Amount: $20,000.00 Summary: THE REPRESENTATIVE DENIES THE ALLEGATIONS OF UNSUITABLE INVESTMENTS AND AGREED TO SETTLE FOR THE SMALL AMOUNT TO COMPROMISE WITH THE CLAIMANT. THE INVESTMENTS IN QUESTION WERE NOT PURCHASED THROUGH BERTHEL FISHER & COMPANY FINANCIAL SERVICES, INC. THE FIRM, SOLELY TO COMPROMISE AND SETTLE DISPUTED CLAIMS, AGREED TO SETTLE AN ARBITRATION WITH THE CLAIMANT. Individual Contribution Amount: $10,000.00 Disclosure 2 of 3 i Reporting Source: Broker Employing firm when activities occurred which led to the complaint: Allegations: BERTHEL FISHER & COMPANY FINANCIAL SERVICES, INC. THE CLIENT ALLEGES THE INVESTMENTS PURCHASED IN APRIL 2007 WERE MISREPRESENTED AND UNSUITABLE. THE CLIENT ALSO ALLEGES THE FIRM FAILED TO SUPERVISE THE REPRESENTATIVE. Product Type: Equipment Leasing Real Estate Security Alleged Damages: $50,000.00 Date Notice/Process Served: 11/01/2012 Arbitration Pending? No Disposition: Settled Disposition Date: 09/17/2013 Monetary Compensation Amount: $20,000.00 Arbitration Information Individual Contribution Amount: $4,000.00 Arbitration/CFTC reparation claim filed with (FINRA, AAA, CFTC, etc.): FINRA Docket/Case #: 12-03573 10©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  13. 13. www.finra.org/brokercheck User Guidance Summary: THE REPRESENTATIVE DENIES THE ALLEGATIONS OF UNSUITABILITY AND MISREPRESENTATIONS. OF THE TWO INVESTMENTS, THE CLIENT HAS REDEEMED ONE FOR NO LOSS AND THE OTHER HAS MADE SIGNIFICANT DISTRIBUTION PAYMENTS. THE FIRM, SOLELY TO COMPROMISE AND SETTLE DISPUTED CLAIMS, AGREED TO SETTLE AN ARBITRATION WITH THE CLAIMANT. Individual Contribution Amount: $4,000.00 Disclosure 3 of 3 i Reporting Source: Firm Employing firm when activities occurred which led to the complaint: Allegations: NEXT FINANCIAL GROUP, INC. THE CUSTOMER ALLEGES THAT IN OR ABOUT 2005 REGISTERED REPRESENTATIVE RECOMMENDED PRIVATE INVESTMENT AND INVESTMENTS IN REITS, WHICH WERE USUITABLE AND LED TO A SUBSTANTIAL LOSS OF INVESTMENTS. THE CUSTOMER ALSO ALLEGES VIOLATION OF ALABAMA COMMON LAW OF FRAUD, BREACH OF FIDUCIARY DUTY, NEGLIGENCE AND NEGLIGENT FAILURE TO SUPERVISE BY EMPLOYING FIRM, NEXT FINANCIAL GROUP, INC. Product Type: Equipment Leasing Real Estate Security Alleged Damages: $300,000.00 Alleged Damages Amount Explanation (if amount not exact): THE CUSTOMER SEEKS ACTUAL DAMAGES IN THE AMOUNT OF $300,000.00 PLUS INTEREST AND ALL COSTS, EXPENSES AND DISBURSEMENTS. Is this an oral complaint? No Is this a written complaint? No Is this an arbitration/CFTC reparation or civil litigation? Yes Arbitration/Reparation forum or court name and location: FINRA Docket/Case #: 12-02155 Filing date of arbitration/CFTC reparation or civil litigation: 05/31/2012 11©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  14. 14. www.finra.org/brokercheck User Guidance Date Complaint Received: 06/21/2012 Complaint Pending? No Status: Status Date: 07/09/2013 Settlement Amount: $70,000.00 Individual Contribution Amount: $0.00 Customer Complaint Information Settled Filing date of arbitration/CFTC reparation or civil litigation: 05/31/2012 i Reporting Source: Broker Employing firm when activities occurred which led to the complaint: Allegations: NEXT FINANCIAL GROUP, INC THE CLIENTS ALLEGE THAT IN OR ABOUT 2005 REGISTERED REPRESENTATIVE RECOMMENDED A PRIVATE INVESTMENT AND INVESTMENTS IN REITS, WHICH WERE UNSUITABLE AND LED TO A SUBSTANTIAL LOSS OF INVESTMENTS. THE CLIENTS ALSO ALLEGE VIOLATION OF ALABAMA COMMON LAW FRAUD, BREACH OF FIDUCIARY DUTY, NEGLIGENCE AND NEGLIGENT FAILURE TO SUPERVISE BY EMPLOYING FIRM, NEXT FINANCIAL GROUP, INC. Product Type: Equipment Leasing Real Estate Security Alleged Damages: $300,000.00 Alleged Damages Amount Explanation (if amount not exact): THE CLIENTS SEEK ACTUAL DAMAGES IN THE AMOUNT OF $300,000.00 PLUS INTEREST AND ALL COSTS, EXPENSES AND DISBURSEMENTS. Is this an oral complaint? No Is this a written complaint? No Is this an arbitration/CFTC reparation or civil litigation? Yes FINRA 12©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  15. 15. www.finra.org/brokercheck User Guidance Date Complaint Received: 07/03/2012 Complaint Pending? No Status: Status Date: 07/09/2013 Settlement Amount: $70,000.00 Individual Contribution Amount: $0.00 Summary: THE REPRESENTATIVE DENIES THE CLAIMANTS' ALLEGATIONS IN THE ARBITRATION, HE WAS NOT INVOLVED IN THE SETTLEMENT NEGOTIATIONS OF THE ARBITRATION AND HE DID NOT CONTRIBUTE TO THE SETTLEMENT. Customer Complaint Information Settled Arbitration/Reparation forum or court name and location: FINRA Docket/Case #: 12-02155 Filing date of arbitration/CFTC reparation or civil litigation: 05/31/2012 13©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  16. 16. www.finra.org/brokercheck User Guidance Customer Dispute - Closed-No Action/Withdrawn/Dismissed/Denied This type of disclosure event involves (1) a consumer-initiated, investment-related arbitration or civil suit containing allegations of sales practice violations against the individual broker that was dismissed, withdrawn, or denied; or (2) a consumer-initiated, investment-related written complaint containing allegations that the broker engaged in sales practice violations resulting in compensatory damages of at least $5,000, forgery, theft, or misappropriation, or conversion of funds or securities, which was closed without action, withdrawn, or denied. Disclosure 1 of 1 Reporting Source: Firm Employing firm when activities occurred which led to the complaint: Allegations: FSC SECURITIES CORPORATION UNSUITABLE RECOMMENDATIONS OF PURCHASE OF VARIABLE ANNUITY AND SALE OF STOCK. Product Type: Annuity-Variable Equity Listed (Common & Preferred Stock) Alleged Damages: $55,000.00 Date Complaint Received: 11/30/2000 Complaint Pending? No Status: Status Date: 07/27/2001 Settlement Amount: Individual Contribution Amount: Summary: ORIGINAL U4 DOES NOT REFLECT COMPLAINT DENIED OR THAT THE MATTER IS CLOSED. Customer Complaint Information Denied Is this an oral complaint? No Is this a written complaint? Yes Is this an arbitration/CFTC reparation or civil litigation? No i Reporting Source: Broker 14©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  17. 17. www.finra.org/brokercheck User Guidance Employing firm when activities occurred which led to the complaint: Allegations: FSC SECURITIES CORPORATION UNSUITABLE RECOMMENDATIONS OF PURCHASE OF VARIABLE ANNUITY AND SALE OF STOCK. Product Type: Equity Listed (Common & Preferred Stock) Other Product Type(s): VARIABLE ANNUITY Alleged Damages: $55,000.00 Date Complaint Received: 11/30/2000 Complaint Pending? Yes Settlement Amount: Individual Contribution Amount: Customer Complaint Information 15©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  18. 18. www.finra.org/brokercheck User Guidance Customer Dispute - Pending This type of disclosure event involves (1) a pending consumer-initiated, investment-related arbitration or civil suit that contains allegations of sales practice violations against the broker; or (2) a pending, consumer-initiated, investment- related written complaint containing allegations that the broker engaged in, sales practice violations resulting in compensatory damages of at least $5,000, forgery, theft, or misappropriation, or conversion of funds or securities. Disclosure 1 of 3 Reporting Source: Firm Employing firm when activities occurred which led to the complaint: Allegations: NEXT FINANCIAL GROUP, INC. CUSTOMER ALLEGES THE MR. MARTENS WAS INELIGIBLE TO INVEST IN ICON AND AN UNSUITABLE INVESTOR FOR BERINGER HARVARD, AND THAT REGISTERED REPRESENTATIVE DID NOT DISCLOSE THE RISK ASSOCIATED WITH THE INVESTMENTS. Product Type: Equipment Leasing Index Option Real Estate Security Alleged Damages: $200,000.00 Date Notice/Process Served: 11/25/2013 Arbitration Pending? Yes Arbitration Information Arbitration/CFTC reparation claim filed with (FINRA, AAA, CFTC, etc.): FINRA Docket/Case #: 13-03334 i Reporting Source: Broker Employing firm when activities occurred which led to the complaint: Allegations: NEXT FINANCIAL GROUP, INC. CLIENT ALLEGES THAT THEY WERE INELEGIBLE TO INVEST IN ICON AND WERE AN UNSUITABLE INVESTOR FOR BEHRINGER HARVARD. THE CLIENT ALSO ALLEGES THAT THE REGISTERED REPRESENTATIVE DID NOT DISCLOSE THE RISK ASSOCIATED WITH THE INVESTMENTS. Product Type: Equipment Leasing Index Option Real Estate Security 16©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  19. 19. www.finra.org/brokercheck User Guidance Product Type: Index Option Real Estate Security Alleged Damages: $0.00 Date Notice/Process Served: 11/25/2013 Arbitration Pending? Yes Summary: THE REPRESENTATIVE DENIES THE ALLEGATIONS OF UNSUITABLE INVESTMENTS AND INELIGIBILITY BY THE CLAIMANT. Arbitration Information Alleged Damages Amount Explanation (if amount not exact): DAMAGES ARE NOT SPECIFIED HOWEVER, THE FIRM BELIEVES THE DAMAGES TO EXCEED $5,000.00 Arbitration/CFTC reparation claim filed with (FINRA, AAA, CFTC, etc.): FINRA Docket/Case #: 13-03334 Disclosure 2 of 3 i Reporting Source: Broker Employing firm when activities occurred which led to the complaint: Allegations: NEXT FINANCIAL GROUP, INC. CLIENT ALLEGES THE 2006 INVESTMENTS WERE INAPPROPRIATE AND UNSUITABLE. Product Type: Other: REAL ESTATE INVESTMENT TRUST Alleged Damages: $0.00 Customer Complaint Information Alleged Damages Amount Explanation (if amount not exact): THE CLIENT DID NOT ALLEGE ANY DAMAGE AMOUNT, HOWEVER THE FIRM BELIEVES THE DAMAGES TO BE OVER $5,000.00 Is this an oral complaint? No Is this a written complaint? Yes Is this an arbitration/CFTC reparation or civil litigation? No 17©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  20. 20. www.finra.org/brokercheck User Guidance Date Complaint Received: 10/15/2013 Complaint Pending? Yes Settlement Amount: Individual Contribution Amount: Customer Complaint Information Disclosure 3 of 3 i Reporting Source: Broker Employing firm when activities occurred which led to the complaint: Allegations: BERTHEL FISHER & COMPANY FINANCIAL SERVICES, INC. & NEXT FINANCIAL GROUP, INC. CLIENTS ALLEGE THAT THE INVESTMENTS PURCHASED BETWEEN 2005 AND 2007 WERE UNSUITABLE AND MISREPRESENTED BY THE REPRESENTATIVE. CLIENTS ALSO ALLEGE THE FIRM FAILED TO SUPERVISE THE ACTIONS OF THE REPRESENTATIVE. Product Type: Equipment Leasing Real Estate Security Alleged Damages: $650,000.00 Date Complaint Received: 03/13/2008 Complaint Pending? No Status: Status Date: 06/12/2013 Settlement Amount: $0.00 Individual Contribution Amount: $0.00 Customer Complaint Information Arbitration Information Evolved into Arbitration/CFTC reparation (the individual is a named party) Is this an oral complaint? No Is this a written complaint? Yes Is this an arbitration/CFTC reparation or civil litigation? No Arbitration/CFTC reparation claim filed with (FINRA, AAA, FINRA 18©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  21. 21. www.finra.org/brokercheck User Guidance Date Notice/Process Served: 06/12/2013 Arbitration Pending? Yes Summary: REP BELEIVES HE PROVIDED FULL & FAIR DISCLOSURE TO CLIENT. THE 2005 INVESTMENTS WERE PURCHASED BY ONE OF THE CLIENTS WHILE THE REPRESENTATIVE WAS ASSOCIATED WITH HIS PRIOR BROKER/DEALER, NEXT FINANCIAL GROUP, INC.("NEXT"). NEXT IS NOT A NAMED RESPONDENT IN THIS CASE. Arbitration/CFTC reparation claim filed with (FINRA, AAA, CFTC, etc.): FINRA Docket/Case #: 13-01457 19©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.
  22. 22. www.finra.org/brokercheck User Guidance End of Report This page is intentionally left blank. 20©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.

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