Stock fraud lawyers are currently investigating claims on behalf of investors of Icon Leasing Fund Eleven investors. A recent announcement stated that investors will not be able to withdraw their money from Icon for another seven years longer than originally agreed. ICON Leasing Fund Eleven LLC participates in the purchasing and leasing of various types of equipment to third parties in Europe, Canada and the United States. Based in New York and founded in 2004, Icon also provides equipment and other financing.
Like any private placement, the high risks associated with Icon Leasing Fund Eleven investments are only appropriate for sophisticated, high-net-worth investors. However, according to securities arbitration lawyers, the commissions offered to brokers and brokerage firms for this investment were high enough that some broker-dealers recommended this investment to clients for whom it was unsuitable without adequately disclosing the risks associated with the investment. Furthermore, stock fraud lawyers say information that is now available indicates that many of the firms selling the product did not adequately perform the necessary due diligence.
The following investments made up the bulk of Icon Leasing Fund Eleven’s portfolio as of March 21, 2012:
- A term loan to Northern Leasing Systems Inc. affiliates.
- The Teal Jones Group and Teal Jones Lumber Services plant, equipment and machinery.
- A 45 percent interest in a semiconductor manufacturing equipment ownership joint venture.
- A Heuliez SA and Heuliez Investissements SNC auto parts manufacturing equipment lease.
- A 55 percent interest in a plastic films and flexible packaging manufacturing equipment for consumer products ownership joint venture.
- The Senang Spirit, a crude oil tanker.
- A 6.33 percent interest in a machining and metal working equipment ownership joint venture.
If you are an Icon Leasing Fund Eleven investor, you may have a valid securities arbitration claim. To find out more about your legal rights and options, contact a securities arbitration lawyer at The Law Office of Christopher J. Gray at (866) 966-9598 for a no-cost, confidential consultation.