Jerry DeWayne McCutchen Sr. - FINRA BrokerCheck Report

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)

http://www.finra.org

About BrokerCheck®

BrokerCheck offers information on all current-and many former-FINRA-registered securities brokers, and all current andformer FINRA-registered securities firms. FINRA strongly encourages investors to use BrokerCheck to check thebackground of securities brokers and brokerage firms before deciding to conduct, or continue to conduct, business withthem.

·· What is included in a BrokerCheck report?BrokerCheck 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 firm’s profile, history, and operations, as well as many of thesame disclosure events mentioned above.Please 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.

·· Where did this information come from?The information contained in BrokerCheck comes from FINRA’s Central Registration Depository, or CRD® and isa combination of:

o information FINRA and/or 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.

·· How current is this information?Generally, 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.

·· What if I want to check the background of an investment adviser firm or investment adviserrepresentative?To 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 SEC's Investment Adviser Public Disclosure (IAPD) website athttp://www.adviserinfo.sec.gov. In the alternative, you may search the IAPD website directly or contact your statesecurities 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 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.

For more information aboutFINRA, visit www.finra.org.

Using this site/information 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 orwww.finra.org/brokercheck. Itprovides a glossary of terms and alist of frequently asked questions,as well as additional resources.

brokercheck.finra.org



http://brokercheck.finra.org/terms.aspx

JERRY D. MCCUTCHEN SR

CRD# 1076678

Currently employed by and registered with thefollowing FINRA Firm(s):

BERTHEL, FISHER & COMPANYFINANCIAL SERVICES, INC.524 - A BOULEVARD PARK WMOBILE, AL 36609CRD# 13609Registered 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. 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 actions,employment 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 7

Investment Adviser RepresentativeInformation

http://www.adviserinfo.sec.gov

The information below represents the individual'srecord as a broker. For details on this individual'srecord as an investment adviser representative,visit the SEC's Investment Adviser PublicDisclosure website at


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 withany regulator? No

Registration History

This broker was previously registered with thefollowing FINRA firm(s):

NEXT FINANCIAL GROUP, INC.CRD# 46214MOBILE, AL05/2003 - 01/2007

FSC SECURITIES CORPORATIONCRD# 7461ATLANTA, GA12/1998 - 05/2003

COMMONWEALTH EQUITY SERVICES, INC.CRD# 8032WALTHAM, MA12/1995 - 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.


http://www.adviserinfo.sec.gov/IAPD/support/IAPD_Summary_Link.aspx?IndividualID=1076678&Source=Report

http://www.finra.org/brokercheck

http://www.finra.org/brokercheck_reports



Registrations

This section provides the self-regulatory organizations (SROs) and U.S. states/territories 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 individual is currently registered with 1 SRO and is licensed in 13 U.S. states and territories through his orher employer.

Employment 1 of 1Firm Name:

Main Office Address:

Firm CRD#:

BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC.

13609

701 TAMA STREETBUILDING BMARION, 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





http://www.finra.org/brokercheck_glossary



Employment 1 of 1, continued

Branch Office Locations

BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC.524 - A BOULEVARD PARK WMOBILE, AL 36609







Industry Exams this Broker has Passed

This individual has passed 2 principal/supervisory exams, 2 general industry/product 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 and/or qualifying workexperience. 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 securitiesprofessionals can be found at www.finra.org/brokerqualifications/registeredrep/.







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 theinformation 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







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.

No information reported.






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 $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 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.

§ 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 partycharged with some alleged wrongdoing.

§ 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.

§ 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 broker.Further 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 3 4 N/A






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, dismissed,resolved in favor of the broker, or concluded through a negotiated settlement for certain business reasons (e.g., 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 3

Reporting Source: Broker

Employing firm whenactivities occurred which ledto 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-VariableReal 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 CompensationAmount:

$20,000.00

Arbitration Information

Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):

FINRA

Docket/Case #: 13-01638







$20,000.00

Summary: 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 & COMPANYFINANCIAL SERVICES, INC. THE FIRM, SOLELY TO COMPROMISE ANDSETTLE DISPUTED CLAIMS, AGREED TO SETTLE AN ARBITRATION WITHTHE CLAIMANT.

Individual ContributionAmount:

$10,000.00

Disclosure 2 of 3

i



Allegations:

BERTHEL FISHER & 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.

Product Type: Equipment LeasingReal Estate Security



Arbitration Pending? No

Disposition: Settled

Disposition Date: 09/17/2013


$20,000.00



$4,000.00


FINRA







Summary: 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.


$4,000.00

Disclosure 3 of 3

i

Reporting Source: Firm


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 OFFIDUCIARY DUTY, NEGLIGENCE AND NEGLIGENT FAILURE TO SUPERVISEBY EMPLOYING FIRM, NEXT FINANCIAL GROUP, INC.



Alleged Damages AmountExplanation (if amount notexact):

THE CUSTOMER SEEKS ACTUAL DAMAGES IN THE AMOUNT OF$300,000.00 PLUS INTEREST AND ALL COSTS, EXPENSES ANDDISBURSEMENTS.

Is this an oral complaint? No

Is this a written complaint? No

Is this an arbitration/CFTCreparation or civil litigation?

Yes

Arbitration/Reparation forumor court name and location:

FINRA


Filing date ofarbitration/CFTC reparationor civil litigation:

05/31/2012






Date Complaint Received: 06/21/2012

Complaint Pending? No

Status:

Status Date: 07/09/2013

Settlement Amount: $70,000.00


$0.00

Customer Complaint Information

Settled


05/31/2012

iReporting Source: Broker


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.




THE CLIENTS SEEK ACTUAL DAMAGES IN THE AMOUNT OF $300,000.00PLUS INTEREST AND ALL COSTS, EXPENSES AND DISBURSEMENTS.


Is this a written complaint? No


Yes

FINRA








Status:


Settlement Amount: $70,000.00


$0.00

Summary: 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.


Settled

Arbitration/Reparation forumor court name and location:

FINRA



05/31/2012






Customer Dispute - Closed-No Action/Withdrawn/Dismissed/Denied

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 $5,000, forgery, theft, or misappropriation, or conversion offunds or securities, which was closed without action, withdrawn, or denied.

Disclosure 1 of 1



Allegations:

FSC SECURITIES CORPORATION

UNSUITABLE RECOMMENDATIONS OF PURCHASE OF VARIABLE ANNUITYAND SALE OF STOCK.

Product Type: Annuity-VariableEquity Listed (Common & Preferred Stock)




Status:


Settlement Amount:


Summary: ORIGINAL U4 DOES NOT REFLECT COMPLAINT DENIED OR THAT THEMATTER IS CLOSED.


Denied


Is this a written complaint? Yes


No








Allegations:

FSC SECURITIES CORPORATION

UNSUITABLE RECOMMENDATIONS OF PURCHASE OF VARIABLE ANNUITYAND SALE OF STOCK.

Product Type: Equity Listed (Common & Preferred Stock)

Other Product Type(s): VARIABLE ANNUITY



Complaint Pending? Yes

Settlement Amount:








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 $5,000, forgery, theft, or misappropriation, or conversion of funds or securities.

Disclosure 1 of 3



Allegations:


CUSTOMER ALLEGES THE MR. MARTENS WAS INELIGIBLE TO INVEST INICON AND AN UNSUITABLE INVESTOR FOR BERINGER HARVARD, ANDTHAT REGISTERED REPRESENTATIVE DID NOT DISCLOSE THE RISKASSOCIATED WITH THE INVESTMENTS.

Product Type: Equipment LeasingIndex OptionReal Estate Security



Arbitration Pending? Yes



FINRA




Allegations:


CLIENT ALLEGES THAT THEY WERE INELEGIBLE TO INVEST IN ICON ANDWERE AN UNSUITABLE INVESTOR FOR BEHRINGER HARVARD. THECLIENT ALSO ALLEGES THAT THE REGISTERED REPRESENTATIVE DIDNOT DISCLOSE THE RISK ASSOCIATED WITH THE INVESTMENTS.

Product Type: Equipment LeasingIndex OptionReal Estate Security 16©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.





Product Type:Index OptionReal Estate Security

Alleged Damages: $0.00



Summary: THE REPRESENTATIVE DENIES THE ALLEGATIONS OF UNSUITABLEINVESTMENTS AND INELIGIBILITY BY THE CLAIMANT.



DAMAGES ARE NOT SPECIFIED HOWEVER, THE FIRM BELIEVES THEDAMAGES TO EXCEED $5,000.00


FINRA


Disclosure 2 of 3

i



Allegations:


CLIENT ALLEGES THE 2006 INVESTMENTS WERE INAPPROPRIATE ANDUNSUITABLE.

Product Type: Other: REAL ESTATE INVESTMENT TRUST

Alleged Damages: $0.00



THE CLIENT DID NOT ALLEGE ANY DAMAGE AMOUNT, HOWEVER THE FIRMBELIEVES THE DAMAGES TO BE OVER $5,000.00




No







Complaint Pending? Yes

Settlement Amount:



Disclosure 3 of 3

i



Allegations:

BERTHEL FISHER & COMPANY FINANCIAL SERVICES, INC. & 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.





Status:


Settlement Amount: $0.00


$0.00



Evolved into Arbitration/CFTC reparation (the individual is a named party)




No


FINRA18©2014 FINRA. All rights reserved. Report# 33966-90421 about JERRY D. MCCUTCHEN SR. Data current as of Monday, March 10, 2014.







Summary: REP BELEIVES HE PROVIDED FULL & FAIR DISCLOSURE TO CLIENT. THE2005 INVESTMENTS WERE PURCHASED BY ONE OF THE CLIENTS WHILETHE REPRESENTATIVE WAS ASSOCIATED WITH HIS PRIORBROKER/DEALER, NEXT FINANCIAL GROUP, INC.("NEXT"). NEXT IS NOT ANAMED RESPONDENT IN THIS CASE.


FINRA







End of Report

This page is intentionally left blank.





Jerry DeWayne McCutchen Sr. - FINRA BrokerCheck Report

News & Politics

Transcript of Jerry DeWayne McCutchen Sr. - FINRA BrokerCheck Report