If you were sold iCap Equities by your broker, you may have a claim to recover those losses.
iCap Enterprises, Inc. was behind several private placement investments (eg iCap Vault I LLC, iCap Pacific Income V LLC, and iCap Pacific Northwest Opportunity and Income Fund). With iCap Enterprises, Inc. having filed bankruptcy, it is now unclear whether investors in these funds will see any of their money back. While there are numerous lawsuits pending regarding the underlying investments themselves, individual investors may have claims against the broker-dealers that sold the investments to them.
From public filings it appears that iCap Enterprises raised approximately $245 from individual investors primarily by selling through independent broker-dealers.
Your broker, and the company they work for, has independent duties to you, the investor, to ensure not only that each investment they recommend to you is appropriate for you specifically, but also that they have conducted sufficient due diligence into the issuer and the underlying investment to ensure that it is appropriate for at least some investors. Numerous claims have been filed by individual investors seeking recovery of funds lost in their iCap investments. These investments were set to expire in the relative short term with brokers who were selling them recommending purchase and repurchase of the investments (generating significant commissions in the process). If you were sold iCap investments, whether it is iCap Broadway LLC, iCap Realty LLC, iCap Campbell Way LLC, iCap Vault Management, LLC, iCap Holding 6 LLC, iCap Management LLC, iCap Enterprises, Inc., iCap Holding S LLC, iCap Equity LLC, iCap Northwest Opportunity and Income Fund, LLC, iCap Pacific Income 4 Fund LLC, iCap Vault 1, LLC, or iCap Pacific NW Management, you may have a claim for recovery.
The faster you act, the more likely you are to be able to recover. These cases will typically take place in FINRA arbitration and can often be resolved in as little as 9 to 12 months. If you think you have a claim, do not wait to see what, if anything, the bankruptcy might dole out to investors after liquidation, protect your rights and talk to someone right away about your potential claim for recovery.
Sean M. Sweeney is a shareholder at Halling and Cayo, a full service law firm in Milwaukee, WI and the head of its Securities Litigation team.
He represents individual and institutional investors in FINRA arbitration and court nationwide. He recovers investment losses from fraud or breach of duty from their broker-dealer.