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Home My WebLink About97-03253 . ~ ~\ 'l' h)~ \.u' :t r "1 )0 .r- - ~ (J .~ ~ ~ \c) C1 :1 ~ ()oo. . ~ ~ '-.:;. " .......,"'. '-,. ',- - escrita 0 en persona 0 por abogado y archivar en la corte en forma escrita sus defensas 0 sus objeciones alas demandas en contra de su persona. Sea avisado que si usted no se defiende, la corte tomara medidas y puede entrar una orden contra usted sin previo aviso 0 notificacion y por cualquier queja 0 alivio que es pedido en la peticion de demanda. Usted puede perder dinero 0 sus propiedades 0 otros derechos importantes para usted. LLEVE ESTA DEMANDA A UN ABODAGO IMMEDIATAMENTE. SI NO TIENE ABOGADO 0 SI NO TIENE EL DINERO SUFICIENTE DE PAGAR TAL SERVICIO, VAYA EN PERSONA 0 LLAME POR TELEFONO A LA OFICINA CUYA DIRECCION SE ENCUENTRA ESCRITA ABAJO PARA AVERIGUAR DONDE SE PUEDE CONSEGUIR ASISTENCIA LEGAL. COURT ADMINISTRATOR FOURTH FLOOR 1 COURTHOUSE SQUARE CUMBERLAND COUNTY COURT HOUSE CARLISLE, PA 17013-3387 (717) 240-6200 vania 17055 is T.H,E. Financial Group Ltd.'s President and Chief Financial Officer and is a broker/dealer registered as an agent in the Conunonwealth of Pennsylvania pursuant to the Pennsylvania Securities Act (hereinafter referred to as "Tarantino"), 4. Defendant Robert L. Dougherty, whose business address is 357 North 24th Street, Camp Hill, Cumberland County, Pennsylvania 17011, has been, at all times material to this cause of action, employed by and/or was registered as an agent of T.H,E. Financial Group Ltd, in the Conunonwealth of Pennsylvania pursuant to the Pennsylvania Securities Act (hereinafter referred to as "Dougherty") . 5. Additionally, at all times material to this cause of action, Robert L, Dougherty served as a financial advisor and tax consultant to Bickley. 6, Sometime on or about February 13, 1992, Dougherty offered and sold to Bickley three hundred (300) units of ICON Cash Flow Partners LP Series D for Thirty Thousand ($30,000) Dollars as evidenced by the Subscription Agreement a copy of which is attached hereto, incorporated herein and marked Exhibit "A". 7, The Subscription Agreement referred to in Paragraph 6 above is signed by Tarantino approving the transaction on behalf of T.H.E, Financial Group Ltd. 8, ICON is a security within the meaning of Section 102(t) of the 1972 Pennsylvania Securities Act (70 P.S, sl-102(t)) and the Federal Securities Act, 2 9. Prior to the sale of ICON to Bickley, Dougherty repre- sented to Bickley that ICON would provide a fourteen (14\) percent interest income and, at the end of five (5) years, would return the $30,000 initial investment. 10. Additionally, Dougherty represented to Bickley that the $30,000 would be rolled over into a qualified IRA account as evidenced by Exhibit "A", 11. Bickley was given a sales guide which stated that the ICON investment would return 14\ per month and would return the original $30,000 at the end of five years, a copy of which is attached hereto, incorporated herein and marked Exhibit "B". 12, Sometime in the spring of 1996, Bickley received a letter from a Florida law firm, Goodman & Nekusil, advising ICON pur- chasers that ICON may have been involved in fraudulent practices, 13. At around the same time Bickley, who had been completing his income tax return either by himself or with the help of Dougherty, decided to consult with an unrelated tax advisor, Lake V. Richart, II, of New Cumberland, Cumberland County, PA (herein- after referred to as "Richart"). 14. Richart advised Bickley that ICON was never placed in an IRA account and additionally the return of the original $30,000 investment was unlikely. 15. On December 11, 1996, the parties entered into an agree- ment waiving the Statute of Limitations pending negotiations a copy of which letter is attached hereto, incorporated herein and marked 3 Exhibit "C". 16. At no time since the sale of ICON to Bickley did Dougherty or Tarantino correspond or telephone Bickley to inform that he would not be receiving the $30,000 original investment or that his investment was not qualified as an IRA rollover. COUNT I NEGLIGENCE BICKLEY va. DOUGHERTY 17. Paragraphs 1 through 16 are incorporated herein by reference as if set forth in their entirety. 18. Dougherty provided negligent advice to Bickley by ensuring him that his $30,000 investment would be returned at the end of five years. 19, Dougherty'S conduct was negligent in that he recommended to Bickley an investment inappropriate and unsuitable for him. 20. Dougherty's conduct and representations were designed to induce Bickley to purchase ICON solely for the purpose of generating commission on Dougherty's part. 21, Dougherty assured Bickley that the ICON investment would qualify as an IRA rollover, 22, Dougherty negligently failed to qualify the ICON invest- ment as an IRA rollover for Bickley. 23, Upon learning that the $30,000 would not be returned to Bickley and upon learning that the ICON investment was not quali- 4 fied as an IRA rollover, Dougherty negligently failed to inform Bickley so that he could take whatever steps necessary to correct the problem, WHEREFORE, Bickley demands judgment against the Defendants, jointly and severally in an amount in excess of Twenty-Thousand Dollars ($20,000) plus interest and costs of the suit. COUNT II NEGLIGENCE BICKLEY vs. TARANTINO 24, Paragraphs 1 through 23 are incorporated herein by reference as if set forth in their entirety. 25, Tarantino was at all times material to this cause of action the employer and/or principle of Dougherty and is liable for damages as set forth above, 26. Additionally, Tarantino executed the Subscription Agreement and negligently failed to inform Bickley that the $30,000 would not be returned and failed to qualify the ICON investment as an IRA rollover. WHEREFORE, Bickley demands judgment against the Defendants, jointly and severally, in an amount in excess of Twenty-Thousand Dollars ($20,000) plus interest and costs of the suit. 5 COUNT I II FRAUDULENT OR NEGLIGENT MISREPRESENTATION BICKLEY vs. DOUGHERTY. T,H.E. AND TARANTINO 27, Paragraphs 1 through 26 are incorporated herein by reference as if set forth in their entirety. 28. Defendant Dougherty fraudulently misrepresented to Bickley that his $30,000 investment would be returned and additionally that the ICON investment would qualify as an IRA rollover knowing that these statements were untrue. 29. Dougherty intended that Bickley would rely on these representations to purchase the ICON limited partnership. 30, In reliance on these representations Bickley purchased the ICON limited partnership, 31. Defendant Tarantino was aware of the representations, proofed the sale to Bickley, and executed the Subscription Agreement completing the sale to Bickley. 32. Bickley was damaged as set forth above, WHEREFORE, Bickley demands judgment against the Defendants, jointly and severally, in an amount in excess of Twenty-Thousand Dollars ($20,000) plus interest and costs of the suit. COUNT IV VIOLATION OF THE PENNSYLVANIA UNFAIR TRADE PRACTICES ACT BICKLEY vs. DOUGHERTY. T.H.E. AND TARANTINO 33. Paragraphs 1 through 32 are incorporated herein by 6 reference as if set forth in their entirety. 34. Defendants Dougherty, T.H.E. and Tarantino violated Pennsylvania Fair Trade Practices and consumer protection law, 73 P. S . 201 - 2 fraudulently representing and misrepresenting to Bickley the nature of this investment, suitability of this investment, that the investment would return the original $30,000 and that the investment would qualify as an IRA rollover. WHEREFORE, Plaintiff demands judgment against Defendants, jointly and severally, in an amount in excess of Twenty Thousand Dollars ($20,000), plus treble damages, plus reasonable attorneys' fees. COUNT V VIOLATION OF THE PENNSYLVANIA SECURITIES ACT BICKLEY vs, DOUGHERTY. T.H.E. AND TARANTINO 35, Paragraphs 1 through 34 are incorporated herein by reference as if set forth in their entirety, 36. The Defendants induced Bickley to purchase ICON by means of deceptive and fraudulent representations and conduct, 37, The Pennsylvania Securities, 70 P.S. U-501 provides damages of return of the investment and interest, WHEREFORE, Plaintiff demands judgment against the Defendants, jointly and severally, as permitted by law. 7 ICON CASH n.OW PARTNERS, L.P., SERIES D .' ICON USE ONLY Sublcription Received Olt<:: ;;1.-/4- ?~ No. or Unil>: '300 Blue Sky SUle ,;CRII'TION AGIlF.F.MF.NT I. II>"VESTMENT: (Cbnk Appropria.ll BOICI) t REGISTRATION INFORMATION: O'l_I,peor prinluurl,) 3. t'ORIIIOF OWNERSIIlP: G\lAd. oQ], 001 bol) 4- DISTRIDUTlON ALTERNATIVES: (CO~D'LETE ONLY IF P A \U IS DIITERINT nIA.~ sunsCRmElt OR TRUSTEJ;IN SECnON 1 ADOVl1 So SIGNATURES: 6- DROKEIUDEALER Ir.TORMATlON: Bv 7. 11>'VESThIENT CII~CKS .I< SUI1SCRII'TIONS: Delaware tim'ted Plrtnershi o ,CCO I C/) ^- UNITS PURCIIASED. Dollar Amount II. ,:J;YPEOFINVESThIENT. ~ll\ililllnyctlmcnl _ Additionlllnvutmcnl You hive made In lnvcllmcnt orS2,OOO or mo" in ICON Cull Flow Plrtnen, L,P.,Sericl A, Serie. 0 orScricl C ^- SunsclUBER INt"()~TlON. (PI.... 'Poeiry M"o Sub"ribcr'.N.mc(.): L.. .r.: ArC€. No.orUnil> L ILl. S...... Cil,rrown Telepone No. (D.y) D. TRUSTEE OR CUSTODIAL INFORMATION. (orlRA.o. Qualified Pl.... OIhcrTru.lm, .le., i(applicable) TrullU'. orCuatodian', Name(a): FBO: Date TNIC or Account Elt.abliahcd: Tnlllco'. orCullOdian', Addrc..: Zip Cod. Acet.Ne: Year to which SUbKriptiOQ .ppliclblo: 19_ Street Cityrrov.:n COnltel Namo C. T AXi'A YER IDENTlf1CA TlON NUMBER Taxpayer Identification No. OrSocitlSoeurilY No. "1. C~,-D '-r-' -r~J.8 .4 ~ Individual Ownership _ Husband and Wife, II Communil)' Properly _ Jolnt Tenanll wil.h Ri,bl of Survivonhip Tenanla in Common S.... Zip Code Phone lO- CITIZENSlIIP, (ClIoekO..) AU.S.Ciliz.cn _U.S. Re.idenl AJien Non.Re.ident(Spec:ify Country: _ Partnenhip _ Corpontion ADUC\AIlY ACCOUtlTS ~ Socdoot la. 2D mUll b. filled oul,) A IRA, SEP, KcoJh _ TN.l Cu.todi.1 Accounl Check.if: You ",iab Diatributiona orlho Partncnhip to be rcinvcatcd In.dditional Unila durina Ihe Offerina Period. You wiab Oi.lribul1ora to be acnlto aho PI'" and Addrcnliltcd below. Pleuo complete: tho foUowin, inConnation: P.yeeNlme: Branch: Street AdJrc..: CityfTown Account Number: S"le Zip Cod. The undeniJned (u.ceplMlinc .nd MiMCloll re.idenl.J) aareel Lba' he/aha hll not relied uponao,. reprelCnlltionl othcrthan lhole conLlined in Ole ProtpCcnu, II amended Ind/or lupplcmcnted, RCCiplOCwhicb iabercbyacknowled,ed. B)'.ianin. below ,tho undeni.ocd makuthe repre.enlltionl, "'Imntiuand a.reemenllacl Corth on Ibe rcvel'lC lide orlbb aialllturc paao and declarea under penall)' oCpeljury tha' La the be'loChialher knowledle tho in(onnalion IUpplied above ialn1e Ind correc'and may be relied upon by the Genenl Partncrin cOMCction with hialher inve.tment II a LimileJ PaMer in the Pal1ncnhip. The undeniancd hereby lublCribe(.) Cor the pu~haac orfully-p.id and nonu'eJuble Unh. orlhe Partnership as indit.tcd. Sip 't~'f().).J.o/iL"" '" ;g~-iPJ..# ~f,J/9 -&an X Uere ~bcr'asilnaturo 'U DJo I nere Authoriud SiJnaturo (C\.~NI......-om..I/I"al\Iar) X X SublCriber'aSi,naturo D... PrinlN.mo(~~m..r~') TbeBrvlcrlDWu mUlt.il. below 10 t'OtIl9lde tbeord<<ILDd, by .lpiD, bdo... 'Wuruttlb&tboth it ILDd ita reliatuld rtpracDlat;n _lUcb IOl.icited the IUbecripliocl, (.) .. dWy Uccoacd... a Drok,."OeUr. otrellltcnd rtpruea"'tnc... tbccuc may be,lLDd lDIy......MIy ofT<< Ullitl io tbc.tatcdc:tiaMlocd u1he iovutar', rt.IidCDCC; (b) Iwi reuooable Il'OUIIIh 10 beUcvc. bued OQ Clol'1Dltioa obtaioed (rom 1bc S..am"bcr c:oac:el1lina b..ie layalmtlltobjer;tivc:t. ocher iavalmmLl. fln&OCial.ilUlUoa &lid Deal. ILDd a.ay od.et iD/ol1D&lioo bowa by !be Brol.<<1Oakt or rei_red ttprueatativC.lMl iavatmml ia!hl PvtDenhip.. .\litahle rortheSubKn"bu ia U,bl dlW fuw.cw pwitioa, DdwOt\!& a.ad otherlUilabilil)' dwtr"'erilbcl.1lId (c) baa Wormecllbc: Subec:ribcrMIO IbeIimW UquiditJ aod dability orlbe UAitl. BrokerazeFmnN.";"".f\.t. f'....AN<..'"I F:. U Supcrvitor /I Tcle.Numbcrltl-il -'1.55 Reaiatcred Repreacnlltive N.mc . Rep.Numb't Tole. Number . . I ReprcaenllLivo Slrcel Addreu CilyfroW. (V\{,L\\,.,..It(.l>bURG. .... ZipCodo \1055 ^ riud.i nature h MlI\llerorRt~'U:red PrincipII). ONercannot be completed without .iaNture. ~- Mlillhc completed SublCnplion ^arcement whh I the~k. plyable II indiclttd in the inalNclio "''hile Plaina, New York. 10606. ACCEI'T ANCE BY GENERAL PARTr.l:R EXlIl B 11' ICONCASIl FLOW rARTNERS, L.P.,S~R1ESD A Oclaw.re Limited p.rtnenhip B7: Au D.IC Pro.idonl rm 1 4 'q/1 c.) . P;iO'G~R;;"" ~f:: S' T R'.U "C-I U'R ~E"'~:':- '.~'.,...>:~,.;.:::-:-.. :.:~::~" . - + .. ^ " ." ~ " -. - n Offering l'lI Minimum Purchase M Suitability " Blue Sky r:! General Partner l'l Dealer Manager III Sharing Arrangement III Seiling Period A $40,000,000 publiccquipmcntleasing limitcd partnership. $2,500 ($2,000 for IRA's and Keoghs), $100 for additional incremcnts (stales may vary). $30,000 net worth and $30,000 income or $75,000 net worth (states may vary). Net worth isexciusive of home, furnishings and automobiles. All 50 statcs anticipated. ICON Capital Corp. Executives and management of the general partner have well over a century of experience in all phases of the equipment leasing business. ICON Securities Corp. All distributions split 99% to Limited Partners, 1 % to Gen- eral Partner until Limited Partners receive 170% of invested capital. Thereafter 90/10 split. Effective August 1991 and for 18 months thereafter (states may vary). OBJECTIVES . ,<. . . ' . n Substantial Cash Distributions i1 Growth of Capital n Preservation of Capital For Broker/Dealer Use Only 14% cash now, distributed monthly. G C R Excess cash now reinvested in additionallcased equipment, increasing the size and value of investor's portfolio. ns .. Lease commitments in place prior to acquisition of equip- ment. Full payoulleases. Nollor Public Distribution For WHO SHOULD INVEST . l'i\I Fixed Income Investors m Investors with Accumulated Passive Losses Il'J IRA's III Keoghs 11'1 Qualified Pension and Profit Sharing Plans ICON CASH FLOW PARTNERS, L,P'1 SERIES D SUMMARY OF A $10,000 INVESTMENT NET INCOME CUMULATIVE CASH % TAXABLE TAX CASH FLOWS YEAR DISTRIBUTlONS RETURN INCOME (AT 31%) AFTER.TAX I $ 1,400 14% $ 1,710 $ 530 $ 870 2 $ 1,400 14% $ 1,990 $ 617 $ 1,653 3 $ 1,400 14% $ 1,471 $ 456 $ 2,597 4 $ 1,400 14% $ 1,487 $ 461 $ 3,536 5 $ 1,400 14% $ 1,397 $ 433 $ 4,503 6 $ 13,621 136.2% $ 1,835 $ 569 $ 17,555 7 $ 2,466 24.7% $ 4,416 $ 1,369 $ 18,652 8 $ 777 7.8% $ 1,287 $ 399 $ 19,036 9 $ 2,024 20.2% $ 942 $ 292 $ 20,762 $ 25,888 258.9% $ 16,535 $ 5,126 For Broker/Dealer Use Only Not for Public Distribution ICON. 'u For Marketing Materials Or Information Please Call ICON Capital Corp. One Summit Avenue White Plains, New York 10606 800-343-3736 914-428-9000 Extension 140 - Independent Auditors KPMG Peat Marwiek New York, New York " Escrow Agent Barclay's Bank, N.A. While Plains, New York nl(fl' nln k 110 auurann' IlIal any jl'~nJk JUI,ihutivn ,,'ill ht Trati:..J (Sft /'rfJ.1I't'CIW). OflrrinKJ. of ICON c.uh flow Parlnt'rJ. I.P.. SmtJ IJ aT" mad.. 0111." hy ,II.. I'rOJI'f'I"UL1. LAW OFfiCeS L. Rcx El'CKLCY 121 SOUTH STRCCT HAHRl5UURG. peNf~5YLVANIA 17101 17171234.0577 FAX: 171712.34.70.32 December 11, 1996 Scott Dinner, Esq. 5010 Ritter Rd. Mechanicsburg, PA 17055 Re: Lawrence S. Bickley vs. T.H.E, Financial and Robert Dougherty Dear Mr. Dinner: This is to confirm our telephone conversation of Monday, December 9th, at which time you had requested that I fax you a copy of a letter my father received indicating that he would not be receiving the return of his principle investment of $30,000, I indicated to you that I would do so. However, I did raise my concern with respect to the statute of limitation issue to which you responded that you and your clients would be willing to waive any argument or claim that the statute of limitations bars my father 1 s federal securities claims or any state claim which may be barred. In our telephone conversation you indicated that you are prepared to review the claim with your clients but needed additional time to do so. I am prepared to continue to discuss settlement of this matter so long as you and your clients are prepared to waive limitations set forth above. In the event that we cannot reach a settlement on this matter, either party can, in writing, notify the other party after which I will have thirty days to file any appropriate federal state court claims and your clients will not object to the complaint on the basis of the statute of limitations. In the event that this is acceptable, please sign the bottom of this letter and return to me, I am enclosing a copy of a letter dated June 7, 1996 signed by President Peter O. Beakman. EXII1BIT "c" ~ ~ ~ fl F-l . , " Q' , . ",,<1 '" .. =- l ~ ~ >- ~ .' LI,l") (j: . ti: ~. U..' Q: [:: ~l' j" I' <..J C". (: r~j (,', ,..' r- (I. t_' '- (0', r - .~ f~-: '"'- ~ ;.. ., " fL':"': (-2;. f._. ... 0>-, , ' '.::: o- J lJ_j" ~l ,. ,,_ c. 2. t- '-. lo. r-. c- o' (-) ~ - ~ ... -, ."".," Jo ,. "'" ~T ~.~. '.:. . .~';,':~:/-~:'~--:(.j1-~:';_~ - :p;;i;_-',~"i~i~~?>l~::ttt~~~-:.~~,~;,~,,~ r}rJ~~K~~:-:;t~~:;~j?~;f:~~~t~~twli~~' LAWRENCE S. BICKLEY and Plaintiff IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA vs. T.H.E. FINANCIAL GROUP LTD" Defendant NO. 97-3253 CIVIL and ANTHONY TARANTINO, Defendant and ROBERT L. DOUGHERTY, Defendant JURY TRIAL DEMANDED PRAECIPE TO THE PROTHONOTARY OF CUMBERLAND COUNTY: Kindy discontinue the above captioned matter. Date: ~;J)/C7 I ( , L, Rex Bic ey, Esquire 121 So Street Harrisburg, PA 17101 (717) 234-0577 FAX (717) 234-7832 "'.',. ';i.': ,,;.; ~ :'::t ~ r:-, "1 "r: . .~ .--<--c___-_ ~~