According to publicly available records provided by the Securities and Exchange Commission, the SEC has taken civil action against ICON Capital LLC, formerly known as ICON Capital Corporation. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding ICON Capital.
According to the company’s website, ICON Capital is an “alternative investment manager that provides innovative investment solutions to individual and institutional investors through publicly registered programs, private funds and separately managed accounts.” The company purchases and manages “big-ticket leases” of equipment to corporate customers and additionally provides specialty financing. Such equipment includes airplanes, ships, drilling rigs, trailer equipment, and telecommunications equipment.
According to the SEC’s complaint, “Over a number of years, ICON made accounting errors that resulted in material inaccuracies in periodic reports filed by four Icon Leasing Funds.” The funds in question included Icon Income Fund Nine, Icon Income Fund Ten, Icon Leasing Fund Eleven, and Icon Leasing Fund Twelve. The funds managed assets as high as $261 million, and reported annual net incomes from $13 million to losses of $45 million. However, ICON allegedly overstated net incomes and Leasing Fund members’ equity values. The SEC’s complaint states that the funds “filed annual and quarterly reports that included financial statements that were not prepared in accordance” with accounting standards. As such, ICON allegedly violated numerous provisions of the Securities and Exchange Act of 1934. The SEC’s cease-and-desist proceedings remain pending.
If you have suffered losses while investing in Icon Income Fund Nine, Icon Income Fund Ten, Icon Leasing Fund Eleven, and Icon Leasing Fund Twelve, you may be entitled to a recovery. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.