BrokerCheck Report

JERRY DEWAYNE MCCUTCHEN SR

Report 78161-24634 data current as of Thursday April 14 2016

Section Title

Report Summary

Broker Qualifications

Registration and Employment History

Disclosure Events

CRD 1076678

1

2 - 3

4 - 5

6

Page(s)

About BrokerCheckreg

BrokerCheck offers information on all current and many former registered securities brokers and all current and formerregistered securities firms FINRA strongly encourages investors to use BrokerCheck to check the background ofsecurities brokers and brokerage firms before deciding to conduct or continue to conduct business with them

middotmiddot What is included in a BrokerCheck reportBrokerCheck reports for individual brokers include information such as employment history professionalqualifications disciplinary actions criminal convictions civil judgments and arbitration awards BrokerCheckreports for brokerage firms include information on a firmrsquos profile history and operations as well as many of thesame disclosure events mentioned abovePlease note that the information contained in a BrokerCheck report may include pending actions or allegationsthat may be contested unresolved or unproven In the end these actions or allegations may be resolved in favorof the broker or brokerage firm or concluded through a negotiated settlement with no admission or finding ofwrongdoing

middotmiddot Where did this information come fromThe information contained in BrokerCheck comes from FINRArsquos Central Registration Depository or CRDreg and isa combination of

o information FINRA andor the Securities and Exchange Commission (SEC) require brokers andbrokerage 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

middotmiddot How current is this informationGenerally active brokerage firms and brokers are required to update their professional and disciplinaryinformation in CRD within 30 days Under most circumstances information reported by brokerage firms brokersand regulators is available in BrokerCheck the next business day

middotmiddot What if I want to check the background of an investment adviser firm or investment adviserrepresentativeTo check the background of an investment adviser firm or representative you can search for the firm or individualin BrokerCheck If your search is successful click on the link provided to view the available licensing andregistration information in the SECs Investment Adviser Public Disclosure (IAPD) website athttpwwwadviserinfosecgov In the alternative you may search the IAPD website directly or contact your statesecurities regulator at httpwwwfinraorgInvestorsToolsCalculatorsBrokerCheckP455414

middotmiddot Are there other resources I can use to check the background of investment professionalsFINRA recommends that you learn as much as possible about an investment professional before deciding to workwith them Your state securities regulator can help you research brokers and investment adviser representativesdoing business in your state

Thank you for using FINRA BrokerCheck

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Using this siteinformation meansthat you accept the FINRABrokerCheck Terms andConditions A complete list ofTerms and Conditions can befound at

For additional information aboutthe contents of this report pleaserefer to the User Guidance orwwwfinraorgbrokercheck Itprovides a glossary of terms and alist of frequently asked questionsas well as additional resources

brokercheckfinraorg

JERRY D MCCUTCHEN SR

CRD 1076678

This broker is not currently registered

Report Summary for this Broker

This report summary provides an overview of the brokers professional background and conduct Additionalinformation can be found in the detailed report

Disclosure Events

All individuals registered to sell securities or provideinvestment advice are required to disclose customercomplaints and arbitrations regulatory actionsemployment terminations bankruptcy filings andcriminal or civil judicial proceedings

Are there events disclosed about this broker Yes

The following types of disclosures have beenreported

Type Count

Customer Dispute 22

JudgmentLien 1

Investment Adviser RepresentativeInformation

httpwwwadviserinfosecgov

The information below represents the individualsrecord as a broker For details on this individualsrecord as an investment adviser representativevisit the SECs Investment Adviser PublicDisclosure website at

Broker Qualifications

This broker is not currently registered

This broker has passed

2 PrincipalSupervisory Exams

2 General IndustryProduct Exams

1 State Securities Law Exam

Registration History

This broker was previously registered with thefollowing securities firm(s)

BERTHEL FISHER amp COMPANY FINANCIALSERVICES INCCRD 13609MOBILE AL012007 - 122014

NEXT FINANCIAL GROUP INCCRD 46214MOBILE AL052003 - 012007

FSC SECURITIES CORPORATIONCRD 7461ATLANTA GA121998 - 052003

wwwfinraorgbrokercheck User Guidance

1copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

wwwfinraorgbrokercheck User Guidance

Broker Qualifications

Registrations

This section provides the self-regulatory organizations (SROs) and US statesterritories the broker is currentlyregistered and licensed with the category of each license and the date on which it became effective This section alsoprovides for every brokerage firm with which the broker is currently employed the address of each branch where thebroker works

This broker is not currently registered

2copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

wwwfinraorgbrokercheck User Guidance

Broker Qualifications

Industry Exams this Broker has Passed

This individual has passed 2 principalsupervisory exams 2 general industryproduct exams and 1 statesecurities law exam

This section includes all securities industry exams that the broker has passed Under limited circumstances a brokermay attain a registration after receiving an exam waiver based on exams the broker has passed andor qualifying workexperience Any exam waivers that the broker has received are not included below

Exam Category Date

PrincipalSupervisory Exams

General Securities Principal Examination 05221987Series 24

Municipal Fund Securities Principal Examination 06032003Series 51

Exam Category Date

General IndustryProduct Exams

National Commodity Futures Examination 06221987Series 3

General Securities Representative Examination 01151983Series 7

Exam Category Date

State Securities Law Exams

Uniform Securities Agent State Law Examination 07021986Series 63

Additional information about the above exams or other exams FINRA administers to brokers and other securitiesprofessionals can be found at wwwfinraorgbrokerqualificationsregisteredrep

3copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

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Registration and Employment History

Registration History

Registration Dates Firm Name CRD Branch Location

The broker previously was registered with the following firms

012007 - 122014 BERTHEL FISHER amp COMPANY FINANCIALSERVICES INC

13609 MOBILE AL

052003 - 012007 NEXT FINANCIAL GROUP INC 46214 MOBILE AL

121998 - 052003 FSC SECURITIES CORPORATION 7461 ATLANTA GA

121995 - 121998 COMMONWEALTH EQUITY SERVICES INC 8032 WALTHAM MA

101992 - 111995 PROEQUITIES INC 15708 BIRMINGHAM AL

121991 - 081992 WALNUT STREET SECURITIES INC 15840 EL SEGUNDO CA

111989 - 111991 MML INVESTORS SERVICES INC 10409 SPRINGFIELD MA

061987 - 061989 CENTRAL BROKERAGE SERVICES INC 17086 BIRMINGHAM AL

061986 - 011987 FIRST FUNDS INCORPORATED 17415

011983 - 041983 BAY CITY SECURITIES INC 12976

Employment History

Employment Dates Employer Name Employer Location

This section provides up to 10 years of an individual brokers employment history as reported by the individual broker onthe most recently filed Form U4

Please note that the broker is required to provide this information only while registered with FINRA or a nationalsecurities exchange and the information is not updated via Form U4 after the broker ceases to be registeredTherefore an employment end date of Present may not reflect the brokers current employment status

012007 - Present BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC MOBILE AL

012010 - 032014 UNIVERSITY OF MOBILE EIGHT MILE AL

082009 - 032014 MUSIC SOUND CENTER LLC MOBILE AL

052003 - 012007 NEXT FINANCIAL GROUP INC MOBILE AL

4copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

wwwfinraorgbrokercheck 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 iscurrently engaged in either as a proprietor partner officer director employee trustee agent or otherwise This sectiondoes not include non-investment related activity that is exclusively charitable civic religious or fraternal and isrecognized as tax exempt

1THE MCCUTCHEN COMPANY INC-Y-MOBILE AL-MARKETING-OWNER-091989-0-0-NAME USED FORMARKETING BUSINESS 2RETIRING WITH DIGNITY INC-Y-MOBILE AL-FINANCIALADVICE-OWNER-012012-100-100-ADVISING CLIENTS 3MCCUTCHEN ENTERPRISES LLC-N-MOBILEAL-HOLDING COMPANY-MEMBER-012007-1-1-HOLDING COMPANY 4RENTAL PROPERTY-N-MOBILEAL-RENTAL PROPERTY-OWNER-012000-5-5-RENTAL PROPERTY

5copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

wwwfinraorgbrokercheck 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 customercomplaints and arbitrations regulatory actions employment terminations bankruptcy filings and criminal or civiljudicial 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 $5000

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 samedisclosure event all versions of the event will appear in the BrokerCheck report The different versionswill 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

sect A pending event involves allegations that have not been proven or formally adjudicatedsect An event that is on appeal involves allegations that have been adjudicated but are currently

being appealedsect 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 resolvedsect 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 partycharged with some alleged wrongdoing

sect A settled matter generally involves an agreement by the parties to resolve the matter Pleasenote that brokers and brokerage firms may choose to settle customer disputes or regulatorymatters for business or other reasons

sect A resolved matter usually involves no payment to the customer and no finding of wrongdoingon 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 brokerFurther information regarding these events can be found in the subsequent pages of this report You also maywish to contact the broker to obtain further information regarding these events

Final On AppealPending

Customer Dispute 8 14 NA

6copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

wwwfinraorgbrokercheck User Guidance

JudgmentLien 1 NA NA

7copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

wwwfinraorgbrokercheck User Guidance

Disclosure Event Details

When evaluating this information please keep in mind that a discloure event may be pending or involve allegationsthat are contested and have not been resolved or proven The matter may in the end be withdrawn dismissedresolved in favor of the broker or concluded through a negotiated settlement for certain business reasons (eg tomaintain customer relationships or to limit the litigation costs associated with disputing the allegations) with noadmission or finding of wrongdoing

This report provides the information exactly as it was reported to CRD and therefore some of the specific data fieldscontained 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 civilsuit containing allegations of sale practice violations against the broker that resulted in a monetary settlement to thecustomer

Disclosure 1 of 11

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

CLIENT IS ALLEGING THE INVESTMENTS PURCHASED FROM 2007-2009WERE UNSUITABLE AND MISREPRESENTED BY THE REPRESENTATIVETHE CLIENT ALSO ALLEGES THE FIRM FAILED TO SUPERVISE THEACTIONS OF THE REPRESENTATIVE

Product Type Equipment LeasingReal Estate Security

Alleged Damages $7500000

Date Complaint Received 07012015

Customer Complaint Information

Alleged Damages AmountExplanation (if amount notexact)

PLUS PUNITIVE DAMAGES

Is this an oral complaint No

Is this a written complaint Yes

Is this an arbitrationCFTCreparation or civil litigation

No

8copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

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Complaint Pending No

Status

Status Date 07282015

Settlement Amount

Individual ContributionAmount

Date NoticeProcess Served 07282015

Arbitration Pending No

Disposition Settled

Disposition Date 02022016

Monetary CompensationAmount

$2800000

Firm Statement The Firm solely to compromise and settle disputed claims agreed to settle anarbitration with the Claimant

Arbitration Information

Individual ContributionAmount

$000

Evolved into ArbitrationCFTC reparation (the individual is a named party)

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 15-01749

Disclosure 2 of 11

i

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

Berthel Fisher amp Company Financial Services Inc

Clients allege that the investments purchased were unsuitable and misrepresentedby the representative Clients also allege the firm failed to supervise the actions ofthe representative

Product Type Direct Investment-DPP amp LP InterestsEquipment LeasingReal Estate Security

$0009copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

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Alleged Damages $000

Date Complaint Received 12152014

Complaint Pending No

Status

Status Date 02232016

Settlement Amount $4375000

Individual ContributionAmount

$000

Firm Statement The representative denies the clients allegations of unsuitable investments andmisrepresentations The Firm solely to compromise and settle disputed claimsagreed to settle an arbitration with the Claimants

Customer Complaint Information

Settled

Alleged Damages AmountExplanation (if amount notexact)

No exact damages were specified However the firm believes it to be over$500000

Is this an oral complaint No

Is this a written complaint Yes

Is this an arbitrationCFTCreparation or civil litigation

No

ArbitrationReparation forumor court name and location

FINRA

DocketCase 14-03224

Filing date ofarbitrationCFTC reparationor civil litigation

10152014

iReporting Source Broker

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

CLIENTS ALLEGE THAT THE INVESTMENTS PURCHASED WEREUNSUITABLE AND MISREPRESENTED BY THE REPRESENTATIVE CLIENTSALSO ALLEGE THE FIRM FAILED TO SUPERVISE THE ACTIONS OF THEREPRESENTATIVE

10copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

wwwfinraorgbrokercheck User Guidance

REPRESENTATIVE

Product Type Direct Investment-DPP amp LP InterestsEquipment LeasingReal Estate Security

Alleged Damages $000

Date Complaint Received 12152014

Complaint Pending Yes

Settlement Amount

Individual ContributionAmount

Broker Statement THE REPRESENTATIVE DENIES THE CLIENTS ALLEGATIONS OFUNSUITABLE INVESTMENTS AND MISREPRESENTATIONS

Customer Complaint Information

Alleged Damages AmountExplanation (if amount notexact)

NO EXACT DAMAGES WERE SPECIFIED HOWEVER THE FIRM BELIEVESTO BE OVER $500000

Is this an oral complaint No

Is this a written complaint No

Is this an arbitrationCFTCreparation or civil litigation

Yes

ArbitrationReparation forumor court name and location

FINRA

DocketCase 14-03224

Filing date ofarbitrationCFTC reparationor civil litigation

10152014

Disclosure 3 of 11

i

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

CLIENTS ALLEGE THAT THE INVESTMENTS PURCHASED WEREUNSUITABLE AND MISREPRESENTED BY THE REPRESENTATIVE CLIENTSALSO ALLEGE THE FIRM FAILED TO SUPERVISE THE ACTIONS OF THEREPRESENTATIVE

11copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

wwwfinraorgbrokercheck User Guidance

Allegations

UNSUITABLE AND MISREPRESENTED BY THE REPRESENTATIVE CLIENTSALSO ALLEGE THE FIRM FAILED TO SUPERVISE THE ACTIONS OF THEREPRESENTATIVE

Product Type Direct Investment-DPP amp LP InterestsEquipment LeasingReal Estate Security

Alleged Damages $000

Date Complaint Received 11142014

Complaint Pending No

Status

Status Date 07292015

Settlement Amount $3400000

Individual ContributionAmount

$000

Firm Statement THE REPRESENTATIVE DENIES THE CLIENTS ALLEGATIONS OFUNSUITABLE INVESTMENTS AND MISREPRESENTATIONS THE FIRMSOLELY TO COMPROMISE AND SETTLE DISPUTED CLAIMS AGREED TOSETTLE AN ARBITRATION WITH THE CLAIMANTS

Customer Complaint Information

Settled

Alleged Damages AmountExplanation (if amount notexact)

NO EXACT DAMAGES WERE SPECIFIED HOWEVER THE FIRM BELIEVES TOBE OVER $500000

Is this an oral complaint No

Is this a written complaint No

Is this an arbitrationCFTCreparation or civil litigation

Yes

ArbitrationReparation forumor court name and location

FINRA

DocketCase 14-02804

Filing date ofarbitrationCFTC reparationor civil litigation

09082014

iReporting Source

12copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

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Reporting Source Broker

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

CLIENTS ALLEGE THAT THE INVESTMENTS PURCHASED WEREUNSUITABLE AND MISREPRESENTED BY THE REPRESENTATIVE CLIENTSALSO ALLEGE THE FIRM FAILED TO SUPERVISE THE ACTIONS OF THEREPRESENTATIVE

Product Type Direct Investment-DPP amp LP InterestsEquipment LeasingReal Estate Security

Alleged Damages $000

Date Complaint Received 11142014

Complaint Pending Yes

Settlement Amount

Individual ContributionAmount

Broker Statement THE REPRESENTATIVE DENIES THE CLIENTS ALLEGATIONS OFUNSUITABLE INVESTMENTS AND MISREPRESENTATIONS

Customer Complaint Information

Alleged Damages AmountExplanation (if amount notexact)

NO EXACT DAMAGES WERE SPECIFIED HOWEVER THE FIRM BELIEVES TOBE OVER $500000

Is this an oral complaint No

Is this a written complaint No

Is this an arbitrationCFTCreparation or civil litigation

Yes

ArbitrationReparation forumor court name and location

FINRA

DocketCase 14-02804

Filing date ofarbitrationCFTC reparationor civil litigation

09082014

i

13copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

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Disclosure 4 of 11

Reporting Source Broker

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

THE COMPLAINANT ALLEGES THAT THE INVESTMENTS WERE NOTSUITABLE AND DID NOT PERFORM AS EXPECTED THE ACTIVITY PERIOD IS352007 TO 6252014

Product Type Equipment LeasingReal Estate Security

Alleged Damages $000

Date Complaint Received 06252014

Complaint Pending No

Status

Status Date 11252014

Settlement Amount $24000000

Individual ContributionAmount

$3750000

Broker Statement THE REPRESENTATIVE BELIEVES THE INVESTMENTS WERE SUITABLE ANDTHE RISKS WERE DISCLOSED TO THE CLIENT THE FIRM SOLELY TOCOMPROMISE AND SETTLE DISPUTED CLAIMS AGREED TO SETTLE WITHTHE COMPLAINANT

Customer Complaint Information

Settled

Alleged Damages AmountExplanation (if amount notexact)

NO EXACT DAMAGES WERE SPECIFIED HOWEVER THE FIRM BELIEVES TOBE OVER $500000

Is this an oral complaint Yes

Is this a written complaint No

Is this an arbitrationCFTCreparation or civil litigation

No

Disclosure 5 of 11

i

Reporting Source Firm

14copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

wwwfinraorgbrokercheck User Guidance

Employing firm whenactivities occurred which ledto the complaint

Allegations

NEXT Financial Group Inc Berthel Fisher amp Company Financial Sevices Inc

Customer alleges that in 2007 Registered Representative recommended themunsuitable investments ICON and other non traded REITs including BerringerHarvard

Product Type Real Estate Security

Alleged Damages $6000000

Date Complaint Received 09162015

Complaint Pending No

Status

Status Date 10262015

Settlement Amount $3892500

Individual ContributionAmount

$000

Customer Complaint Information

Settled

Alleged Damages AmountExplanation (if amount notexact)

The claimants do not specify the amount of compensatory damages NEXTestimates it to be around $60000

Is this an oral complaint No

Is this a written complaint No

Is this an arbitrationCFTCreparation or civil litigation

Yes

ArbitrationReparation forumor court name and location

FINRA

DocketCase 14-02305

Filing date ofarbitrationCFTC reparationor civil litigation

06152015

iReporting Source Firm

15copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

wwwfinraorgbrokercheck User Guidance

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

CLIENT ALLEGE THAT THE INVESTMENTS PURCHASED WERE UNSUITABLEAND MISREPRESENTED BY THE REPRESENTATIVE CLIENTS ALSO ALLEGETHAT THE FIRM FAILED TO SUPERVISE THE ACTIONS OF THEREPRESENTATIVE

Product Type Direct Investment-DPP amp LP InterestsEquipment LeasingReal Estate Security

Alleged Damages $000

Date Complaint Received 09152014

Complaint Pending No

Status

Status Date 07292015

Settlement Amount $3230000

Individual ContributionAmount

$000

Firm Statement THE FIRM SOLELY TO COMPROMISE AND SETTLE DISPUTED CLAIMSAGREED TO SETTLE AN ARBITRATION WITH THE CLAIMANTS

Customer Complaint Information

Settled

Alleged Damages AmountExplanation (if amount notexact)

NO EXACT DAMAGES WERE SPECIFIED HOWEVER THE FIRM BELIEVES TOBE OVER $500000

Is this an oral complaint No

Is this a written complaint No

Is this an arbitrationCFTCreparation or civil litigation

Yes

ArbitrationReparation forumor court name and location

FINRA

DocketCase 14-02305

Filing date ofarbitrationCFTC reparationor civil litigation

07212014

16copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

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Firm StatementAGREED TO SETTLE AN ARBITRATION WITH THE CLAIMANTS

iReporting Source Broker

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

CLIENTS ALLEGE THAT THE INVESTMENTS PURCHASED WEREUNSUITABLE AND MISREPRESENTED BY THE REPRESENTATIVE CLIENTSALSO ALLEGE THE FIRM FAILED TO SUPERVISE THE ACTIONS OF THEREPRESENTATIVE

Product Type Direct Investment-DPP amp LP InterestsEquipment LeasingReal Estate Security

Alleged Damages $000

Date Complaint Received 09152014

Complaint Pending Yes

Settlement Amount

Individual ContributionAmount

Broker Statement THE REPRESENTATIVE DENIES THE CLIENTS ALLEGATIONS OFUNSUITABLE INVESTMENTS AND MISREPRESENTATIONS

Customer Complaint Information

Alleged Damages AmountExplanation (if amount notexact)

NO EXACT DAMAGES WERE SPECIFIED HOWEVER THE FIRM BELIEVES TOBE OVER $5000

Is this an oral complaint No

Is this a written complaint No

Is this an arbitrationCFTCreparation or civil litigation

Yes

ArbitrationReparation forumor court name and location

FINRA

DocketCase 14-02305

Filing date ofarbitrationCFTC reparationor civil litigation

07212014

17copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

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Broker Statement THE REPRESENTATIVE DENIES THE CLIENTS ALLEGATIONS OFUNSUITABLE INVESTMENTS AND MISREPRESENTATIONS

Disclosure 6 of 11

i

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

THE CLIENTS ALLEGE THE INVESTMENTS PURCHASED IN 2008 AND 2010WERE MISREPRESENTED AND UNSUITABLE THE CLIENTS ALSO ALLEGETHE FIRM FAILED TO SUPERVISE THE REPRESENTATIVE

Product Type Equipment LeasingReal Estate Security

Alleged Damages $10000000

Date NoticeProcess Served 04142014

Arbitration Pending No

Disposition Settled

Disposition Date 07142015

Monetary CompensationAmount

$1000000

Firm Statement THE FIRM SOLELY TO COMPROMISE AND SETTLE DISPUTED CLAIMSAGREED TO SETTLE AN ARBITRATION WITH THE CLAIMANTS

Arbitration Information

Individual ContributionAmount

$000

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 14-01076

iReporting Source Broker

18copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

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Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

THE CLIENTS ALLEGE THE INVESTMENTS PURCHASED IN 2008 AND 2010WERE MISREPRESENTED AND UNSUITABLE THE CLIENTS ALSO ALLEGETHE FIRM FAILED TO SUPERVISE THE REPRESENTATIVE

Product Type Equipment LeasingReal Estate Security

Alleged Damages $10000000

Date NoticeProcess Served 04142014

Arbitration Pending Yes

Broker Statement THE REPRESENTATIVE DENIES THE CLIENTS ALLEGATIONS OFUNSUITABLE INVESTMENTS AND MISREPRESENTATIONS

Arbitration Information

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 14-01076

Disclosure 7 of 11

i

Reporting Source Broker

Employing firm whenactivities occurred which ledto the complaint

Allegations

NEXT FINANCIAL GROUP INC AND BERTHEL FISHER amp COMPANYFINANCIAL SERVICES INC

CLIENT ALLEGES THE 2006 INVESTMENTS WERE INAPPROPRIATE ANDUNSUITABLE AND THE FIRM FAILED TO SUPERVISE THE REPRESENTATIVETHE TIME PERIOD IS 11062006 TO 11192014

Product Type Other REAL ESTATE INVESTMENT TRUST

Alleged Damages $25000000

Customer Complaint Information

Is this an oral complaint No

Is this a written complaint Yes

Is this an arbitrationCFTCreparation or civil litigation

No

19copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

wwwfinraorgbrokercheck User Guidance

Date Complaint Received 10152013

Complaint Pending No

Status

Status Date 03312014

Settlement Amount

Individual ContributionAmount

Date NoticeProcess Served 03312014

Arbitration Pending No

Disposition Settled

Disposition Date 11202014

Monetary CompensationAmount

$4750000

Broker Statement THE REPRESENTATIVE BELIEVES THE INVESTMENTS WERE SUITABLE ANDWERE FULLY DISCLOSED TO THE CLIENT THE INVESTMENTS WEREPURCHASED BY THE CLIENT WHEN THE REPRESENTATIVE WASASSOCIATED WITH HIS PRIOR BROKERDEALER NEXT FINANCIAL GROUPINC (NEXT) NEXT IS NOT A RESPONDENT IN THE ARBITRATION BERTHELFISHER AND COMPANY FINANCIAL SERVICES INC SOLELY TOCOMPROMISE AND SETTLE DISPUTED CLAIMS AGREED TO SETTLE ANARBITRATION WITH THE CLAIMANT

Customer Complaint Information

Arbitration Information

Individual ContributionAmount

$000

Evolved into ArbitrationCFTC reparation (the individual is a named party)

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 14-00852

Disclosure 8 of 11

i

Reporting Source Broker

20copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

wwwfinraorgbrokercheck User Guidance

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

THE CLIENT ALLEGES THAT THE MONEY HE INVESTED BEGINING IN 1998IN HIS ROLLOVER IRA WAS UNSUITABLE

Product Type Annuity-VariableReal Estate Security

Alleged Damages $40000000

Date NoticeProcess Served 06142013

Arbitration Pending No

Disposition Settled

Disposition Date 09112013

Monetary CompensationAmount

$2000000

Broker Statement THE REPRESENTATIVE DENIES THE ALLEGATIONS OF UNSUITABLEINVESTMENTS AND AGREED TO SETTLE FOR THE SMALL AMOUNT TOCOMPROMISE WITH THE CLAIMANT THE INVESTMENTS IN QUESTIONWERE NOT PURCHASED THROUGH BERTHEL FISHER amp COMPANYFINANCIAL SERVICES INC THE FIRM SOLELY TO COMPROMISE ANDSETTLE DISPUTED CLAIMS AGREED TO SETTLE AN ARBITRATION WITHTHE CLAIMANT

Arbitration Information

Individual ContributionAmount

$1000000

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 13-01638

Disclosure 9 of 11

i

Reporting Source Broker

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

THE CLIENT ALLEGES THE INVESTMENTS PURCHASED IN APRIL 2007WERE MISREPRESENTED AND UNSUITABLE THE CLIENT ALSO ALLEGESTHE FIRM FAILED TO SUPERVISE THE REPRESENTATIVE

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Allegations

WERE MISREPRESENTED AND UNSUITABLE THE CLIENT ALSO ALLEGESTHE FIRM FAILED TO SUPERVISE THE REPRESENTATIVE

Product Type Equipment LeasingReal Estate Security

Alleged Damages $5000000

Date NoticeProcess Served 11012012

Arbitration Pending No

Disposition Settled

Disposition Date 09172013

Monetary CompensationAmount

$2000000

Broker Statement THE REPRESENTATIVE DENIES THE ALLEGATIONS OF UNSUITABILITY ANDMISREPRESENTATIONS OF THE TWO INVESTMENTS THE CLIENT HASREDEEMED ONE FOR NO LOSS AND THE OTHER HAS MADE SIGNIFICANTDISTRIBUTION PAYMENTS THE FIRM SOLELY TO COMPROMISE ANDSETTLE DISPUTED CLAIMS AGREED TO SETTLE AN ARBITRATION WITHTHE CLAIMANT

Arbitration Information

Individual ContributionAmount

$400000

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 12-03573

Disclosure 10 of 11

i

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

NEXT FINANCIAL GROUP INC

THE CUSTOMER ALLEGES THAT IN OR ABOUT 2005 REGISTEREDREPRESENTATIVE RECOMMENDED PRIVATE INVESTMENT ANDINVESTMENTS IN REITS WHICH WERE USUITABLE AND LED TO ASUBSTANTIAL LOSS OF INVESTMENTS THE CUSTOMER ALSO ALLEGESVIOLATION OF ALABAMA COMMON LAW OF FRAUD BREACH OF FIDUCIARYDUTY NEGLIGENCE AND NEGLIGENT FAILURE TO SUPERVISE BYEMPLOYING FIRM NEXT FINANCIAL GROUP INC

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EMPLOYING FIRM NEXT FINANCIAL GROUP INC

Product Type Equipment LeasingReal Estate Security

Alleged Damages $30000000

Date Complaint Received 06212012

Complaint Pending No

Status

Status Date 07092013

Settlement Amount $7000000

Individual ContributionAmount

$000

Customer Complaint Information

Settled

Alleged Damages AmountExplanation (if amount notexact)

THE CUSTOMER SEEKS ACTUAL DAMAGES IN THE AMOUNT OF $30000000PLUS INTEREST AND ALL COSTS EXPENSES AND DISBURSEMENTS

Is this an oral complaint No

Is this a written complaint No

Is this an arbitrationCFTCreparation or civil litigation

Yes

ArbitrationReparation forumor court name and location

FINRA

DocketCase 12-02155

Filing date ofarbitrationCFTC reparationor civil litigation

05312012

iReporting Source Broker

Employing firm whenactivities occurred which ledto the complaint

Allegations

NEXT FINANCIAL GROUP INC

THE CLIENTS ALLEGE THAT IN OR ABOUT 2005 REGISTEREDREPRESENTATIVE RECOMMENDED A PRIVATE INVESTMENT ANDINVESTMENTS IN REITS WHICH WERE UNSUITABLE AND LED TO ASUBSTANTIAL LOSS OF INVESTMENTS THE CLIENTS ALSO ALLEGEVIOLATION OF ALABAMA COMMON LAW FRAUD BREACH OF FIDUCIARYDUTY NEGLIGENCE AND NEGLIGENT FAILURE TO SUPERVISE BYEMPLOYING FIRM NEXT FINANCIAL GROUP INC

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INVESTMENTS IN REITS WHICH WERE UNSUITABLE AND LED TO ASUBSTANTIAL LOSS OF INVESTMENTS THE CLIENTS ALSO ALLEGEVIOLATION OF ALABAMA COMMON LAW FRAUD BREACH OF FIDUCIARYDUTY NEGLIGENCE AND NEGLIGENT FAILURE TO SUPERVISE BYEMPLOYING FIRM NEXT FINANCIAL GROUP INC

Product Type Equipment LeasingReal Estate Security

Alleged Damages $30000000

Date Complaint Received 07032012

Complaint Pending No

Status

Status Date 07092013

Settlement Amount $7000000

Individual ContributionAmount

$000

Broker Statement THE REPRESENTATIVE DENIES THE CLAIMANTS ALLEGATIONS IN THEARBITRATION HE WAS NOT INVOLVED IN THE SETTLEMENTNEGOTIATIONS OF THE ARBITRATION AND HE DID NOT CONTRIBUTE TOTHE SETTLEMENT

Customer Complaint Information

Settled

Alleged Damages AmountExplanation (if amount notexact)

THE CLIENTS SEEK ACTUAL DAMAGES IN THE AMOUNT OF $30000000PLUS INTEREST AND ALL COSTS EXPENSES AND DISBURSEMENTS

Is this an oral complaint No

Is this a written complaint No

Is this an arbitrationCFTCreparation or civil litigation

Yes

ArbitrationReparation forumor court name and location

FINRA

DocketCase 12-02155

Filing date ofarbitrationCFTC reparationor civil litigation

05312012

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Disclosure 11 of 11

Reporting Source Broker

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC amp NEXTFINANCIAL GROUP INC

CLIENTS ALLEGE THAT THE INVESTMENTS PURCHASED BETWEEN 2005AND 2007 WERE UNSUITABLE AND MISREPRESENTED BY THEREPRESENTATIVE CLIENTS ALSO ALLEGE THE FIRM FAILED TOSUPERVISE THE ACTIONS OF THE REPRESENTATIVE THE ALLEGEDACTIVITY OCCURED BETWEEN MAY 10 2007 AND JUNE 12 2013

Product Type Equipment LeasingReal Estate Security

Alleged Damages $65000000

Date Complaint Received 03132008

Complaint Pending No

Status

Status Date 06122013

Settlement Amount $000

Individual ContributionAmount

$000

Date NoticeProcess Served 06122013

Arbitration Pending No

Disposition Settled

Customer Complaint Information

Arbitration Information

Evolved into ArbitrationCFTC reparation (the individual is a named party)

Is this an oral complaint No

Is this a written complaint Yes

Is this an arbitrationCFTCreparation or civil litigation

No

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 13-01457

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Disposition Settled

Disposition Date 03242014

Monetary CompensationAmount

$4500000

Broker Statement REP BELEIVES HE PROVIDED FULL amp FAIR DISCLOSURE TO CLIENT THE2005 INVESTMENTS WERE PURCHASED BY ONE OF THE CLIENTS WHILETHE REPRESENTATIVE WAS ASSOCIATED WITH HIS PRIORBROKERDEALER NEXT FINANCIAL GROUP INC(NEXT) NEXT IS NOT ANAMED RESPONDENT IN THIS CASE

Individual ContributionAmount

$000

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Customer Dispute - Closed-No ActionWithdrawnDismissedDenied

This type of disclosure event involves (1) a consumer-initiated investment-related arbitration or civil suit containingallegations of sales practice violations against the individual broker that was dismissed withdrawn or denied or (2) aconsumer-initiated investment-related written complaint containing allegations that the broker engaged in sales practiceviolations resulting in compensatory damages of at least $5000 forgery theft or misappropriation or conversion of fundsor securities which was closed without action withdrawn or denied

Disclosure 1 of 3

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

THE CLAIMANT ALLEGES THE INVESTMENTS WERE MISREPRESENTEDAND POSED RISKS THAT WERE NOT DISCLOSED TO THEM THE CLAIMANTALSO ALLEGES THE FIRM FAILED TO SUPERVISE THE REPRESENTATIVE

Product Type Money Market FundReal Estate Security

Alleged Damages $40000000

Date NoticeProcess Served 09302014

Arbitration Pending No

Disposition Settled

Disposition Date 02022016

Monetary CompensationAmount

$3300000

Arbitration Information

Individual ContributionAmount

$000

Civil Litigation Information

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 14-02701

Type of Court State Court

Name of Court CIRCUIT COURT OF MOBILE COUNTY ALABAMA

Location of Court MOBILE AL

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Date NoticeProcess Served 06022014

Litigation Pending No

Disposition Other CASE WAS ORDERED TO ARBITRATION BY JUDGE

Disposition Date 09302014

Firm Statement THE REPRESENTATIVE DENIES THAT THE INVESTMENTS WEREMISREPRESENTED TO THE CLIENT ALL FEES COMMISSIONS ETC WEREDISCLOSED TO THE CLIENT The Firm solely to compromise and settle disputedclaims agreed to settle an arbitration with the Claimant

Location of Court MOBILE AL

DocketCase CV-14-90152500

iReporting Source Broker

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

THE CLAIMANT ALLEGES THE INVESTMENTS WERE MISREPRESENTEDAND POSED RISKS THAT WERE NOT DISCLOSED TO THEM THE CLAIMANTALSO ALLEGES THE FIRM FAILED TO SUPERVISE THE REPRESENTATIVE

Product Type Money Market FundReal Estate Security

Alleged Damages $40000000

Date NoticeProcess Served 09302014

Arbitration Pending Yes

Arbitration Information

Civil Litigation Information

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 14-02701

Type of Court State Court

Name of Court CIRCUIT COURT OF MOBILE COUNTY ALABAMA

Location of Court MOBILE AL

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Date NoticeProcess Served 06022014

Litigation Pending No

Disposition Other CASE WAS ORDERED TO ARBITRATION BY JUDGE

Disposition Date 09302014

Broker Statement THE REPRESENTATIVE DENIES THAT THE INVESTMENTS WEREMISREPRESENTED TO THE CLIENT ALL FEES COMMISSIONS ETC WEREDISCLOSED TO THE CLIENT

DocketCase CV-14-90152500

Disclosure 2 of 3

i

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

CLAIMANTS ALLEGE THEIR 2007 INVESTMENTS WERE UNSUITABLE ANDMISREPRESENTED TO THEM BY THE REPRESENTATIVE

Product Type Equipment LeasingReal Estate Security

Alleged Damages $000

Date NoticeProcess Served 05052014

Arbitration Pending No

Disposition Dismissed

Disposition Date 02242015

Firm Statement THE REPRESENTATIVE DENIES THE CLIENTS ALLEGATIONS OFUNSUITABLE INVESTMENTS AND MISREPRESENTATIONS

Arbitration Information

Alleged Damages AmountExplanation (if amount notexact)

CLAIMANTS ALLEGE DAMAGES TO BE MORE THAN $5000000

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 14-01205

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Firm StatementUNSUITABLE INVESTMENTS AND MISREPRESENTATIONS

iReporting Source Broker

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

CLAIMANTS ALLEGE THEIR 2007 INVESTMENTS WERE UNSUITABLE ANDMISREPRESENTED TO THEM BY THE REPRESENTATIVE

Product Type Equipment LeasingReal Estate Security

Alleged Damages $000

Date NoticeProcess Served 05052014

Arbitration Pending Yes

Broker Statement THE REPRESENTATIVE DENIES THE CLIENTS ALLEGATIONS OFUNSUITABLE INVESTMENTS AND MISREPRESENTATIONS

Arbitration Information

Alleged Damages AmountExplanation (if amount notexact)

CLAIMANTS ALLEGE DAMAGES TO BE MORE THAN $5000000

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 14-01205

Disclosure 3 of 3

i

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

FSC SECURITIES CORPORATION

UNSUITABLE RECOMMENDATIONS OF PURCHASE OF VARIABLE ANNUITYAND SALE OF STOCK

Product Type Annuity-VariableEquity Listed (Common amp Preferred Stock)

$550000030copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

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Alleged Damages $5500000

Date Complaint Received 11302000

Complaint Pending No

Status

Status Date 07272001

Settlement Amount

Individual ContributionAmount

Firm Statement ORIGINAL U4 DOES NOT REFLECT COMPLAINT DENIED OR THAT THEMATTER IS CLOSED

Customer Complaint Information

Denied

Is this an oral complaint No

Is this a written complaint Yes

Is this an arbitrationCFTCreparation or civil litigation

No

iReporting Source Broker

Employing firm whenactivities occurred which ledto the complaint

Allegations

FSC SECURITIES CORPORATION

UNSUITABLE RECOMMENDATIONS OF PURCHASE OF VARIABLE ANNUITYAND SALE OF STOCK

Product Type Equity Listed (Common amp Preferred Stock)

Other Product Type(s) VARIABLE ANNUITY

Alleged Damages $5500000

Date Complaint Received 11302000

Complaint Pending Yes

Settlement Amount

Individual ContributionAmount

Customer Complaint Information

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Customer Dispute - Pending

This type of disclosure event involves (1) a pending consumer-initiated investment-related arbitration or civil suit thatcontains 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 incompensatory damages of at least $5000 forgery theft or misappropriation or conversion of funds or securities

Disclosure 1 of 8

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

The claimants allege the investment they purchased in 2009 and 2010 wereunsuitable and misrepresented to them by the representative The claimants alsoallege the firm failed to supervise the actions of the representative

Product Type Direct Investment-DPP amp LP InterestsEquipment LeasingReal Estate Security

Alleged Damages $80000000

Date NoticeProcess Served 01052016

Arbitration Pending Yes

Arbitration Information

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 15-03442

Disclosure 2 of 8

i

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC and Next FinancialGroup Inc

The claimants allege the investments purchased were unsuitable andmisrepresented by the representative The claimants also allege the firms failed tosupervise the actions of the representative

Product Type Direct Investment-DPP amp LP InterestsEquipment LeasingReal Estate Security

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Real Estate Security

Alleged Damages $000

Date NoticeProcess Served 01052016

Arbitration Pending Yes

Arbitration Information

Alleged Damages AmountExplanation (if amount notexact)

Specific damages are unknown However the firm believes the damages to beover $500000

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 15-03426

iReporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

NEXT Financial Group Inc amp Berthel Fischer

During the period January 2005 through January 2007 claimants allege that theregistered representative sold them unsuitable illiquid investments through NEXTFinancial Group Inc Claimants followed registered representative to a newbrokerdealer in January 2007

Product Type Real Estate Security

Alleged Damages $72800000

Date NoticeProcess Served 01042016

Arbitration Pending Yes

Arbitration Information

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 15-03426

Disclosure 3 of 8

i

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Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

NEXT Financial Group Inc amp Berthel Fischer

During the period June 2005 through January 2007 claimants allege that theregistered representative sold them unsuitable illiquid investments through NEXTFinancial Group Inc Claimants followed registered representative to a newbrokerdealer in January 2007

Product Type Real Estate Security

Alleged Damages $147300000

Date NoticeProcess Served 12072015

Arbitration Pending Yes

Arbitration Information

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 15-02244

Disclosure 4 of 8

i

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

Berthel Fisher and Company Financial Services Inc and NEXT Financial Group

The clients allege the alternative investments they purchased between 2005-2013were not suitable and were misrepresented to them by the representative Theclients also allege the firm failed to supervise the actions of the representative

Product Type Direct Investment-DPP amp LP InterestsEquipment LeasingReal Estate Security

Alleged Damages $50000000

Arbitration Information

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

34copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

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Date NoticeProcess Served 12102015

Arbitration Pending Yes

DocketCase 15-02979

Disclosure 5 of 8

i

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

Berthel Fisher and Company Financial Services Inc and NEXT Financial GroupInc

The clients allege the investments they purchased between 2005-2008 wereunsuitable and were misrepresented to them by the representative The clientsalso allege the firm failed to supervise the actions of the representative

Product Type Direct Investment-DPP amp LP InterestsEquipment LeasingReal Estate Security

Alleged Damages $000

Date NoticeProcess Served 12102015

Arbitration Pending Yes

Arbitration Information

Alleged Damages AmountExplanation (if amount notexact)

No exact damages were specified However the firm believes the damages to beover $500000

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 15-02244

Disclosure 6 of 8

i

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

Berthel Fisher and Company Financial Services Inc

Client alleges that the investments he purchased in 2009-2010 were unsuitableand misrepresented to him by the representative The client also alleges the firmfailed to supervise the actions of the representative 35copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

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Allegations

and misrepresented to him by the representative The client also alleges the firmfailed to supervise the actions of the representative

Product Type Equipment LeasingReal Estate Security

Alleged Damages $50000000

Date NoticeProcess Served 11032015

Arbitration Pending Yes

Arbitration Information

ArbitrationCFTC reparationclaim filed with (FINRA AAACFTC etc)

FINRA

DocketCase 15-02839

Disclosure 7 of 8

i

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

NEXT FINANCIAL GROUP INC

CUSTOMER ALLEGES THAT DURING 2006 - 2007 REPRESENTATIVERECOMMENDED HER UNSUITABLE INVESTMENTS IN REITS

Product Type Real Estate Security

Alleged Damages $5000001

Alleged Damages AmountExplanation (if amount notexact)

CLAIMANT ESTIMATES COMPENSATORY DAMAGES TO BE BETWEEN$5000001 AND $100000

Is this an oral complaint No

Is this a written complaint No

Is this an arbitrationCFTCreparation or civil litigation

Yes

ArbitrationReparation forumor court name and location

FINRA

DocketCase 15-01324

Filing date ofarbitrationCFTC reparationor civil litigation

0601201536copy2016 FINRA All rights reserved Report 78161-24634 about JERRY D MCCUTCHEN SR Data current as of Thursday April 14 2016

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Date Complaint Received 06162015

Complaint Pending Yes

Settlement Amount

Individual ContributionAmount

Customer Complaint Information

Filing date ofarbitrationCFTC reparationor civil litigation

06012015

Disclosure 8 of 8

i

Reporting Source Firm

Employing firm whenactivities occurred which ledto the complaint

Allegations

BERTHEL FISHER amp COMPANY FINANCIAL SERVICES INC

CLAIMANT ALLEGES THAT THE INVESTMENTS PURCHASED IN 2007 WEREUNSUITABLE AND MISREPRESENTED BY THE REPRESENTATIVE CLAIMANTALSO ALLEGES THE FIRM FAILED TO SUPERVISE THE ACTIONS OF THEREPRESENTATIVE

Product Type Equipment LeasingReal Estate Security

Alleged Damages $000

Alleged Damages AmountExplanation (if amount notexact)

CLAIMANT ALLEGE DAMAGES TO BE MORE THAN $10200000

Is this an oral complaint No

Is this a written complaint No

Is this an arbitrationCFTCreparation or civil litigation

Yes

ArbitrationReparation forumor court name and location

FINRA

DocketCase 15-00479

Filing date ofarbitrationCFTC reparationor civil litigation

02242015

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Date Complaint Received 03162015

Complaint Pending Yes

Settlement Amount

Individual ContributionAmount

Customer Complaint Information

Filing date ofarbitrationCFTC reparationor civil litigation

02242015

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JudgmentLien

This type of disclosure event involves an unsatisfied and outstanding judgments or liens against the broker

Disclosure 1 of 1

Reporting Source Broker

JudgmentLien Amount $958634

JudgmentLien Holder P amp D MARINE SERVICES INC AND ROSS WHITWORTH

JudgmentLien Type Civil

Date Filed with Court 10022014

JudgmentLien Outstanding Yes

Type of Court State Court

Name of Court DISTRICT COURT OF BALDWIN COUNTY ALABAMA

Location of Court BALDWIN COUNTY AL

DocketCase NA

Date Individual Learned 10032014

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