#United States #Portland #Somerset Securities #iCap Equity

Somerset Securities Faces Challenges Following iCap Equity Bankruptcy

Somerset Securities, Inc., a prominent investment advisory from Portland, Oregon, has encountered significant challenges as a result of the bankruptcy of iCap Equity, an investment firm based in Bellevue. As the news unfolds, Somerset has taken a proactive stance in addressing the impact of this unfortunate situation on its clients and the broader community.

A Commitment to Integrity and Transparency

Founded in 1963, Somerset Securities has built a reputation based on integrity and transparency. Thomas Hamlin, who acquired the firm in 2013, emphasizes a client-first philosophy and has worked diligently to provide personalized investment advice over the years. Recent developments involving iCap Equity, however, have tested this commitment.

In a court ruling that designated iCap Equity as a Ponzi scheme, the firm shocked many investors who trusted the recommendations from Somerset beginning in 2017. The situation represents a tough chapter in the firm’s more than three-decade history, as they grapple with the ensuing fallout and its impact on their clients’ financial well-being.

Acknowledging the Fallout

Somerset acknowledges the heartbreak over iCap's bankruptcy and the complications accompanying its Ponzi scheme classification. Judge Holt of the Eastern District of Washington's court issued this ruling, marking a troubling turning point not only for iCap but also for Somerset's advisors who recommended its securities.

The firm has articulated its regret for the investors impacted, emphasizing their role as advisors rather than creators of this problematic investment product. Investors are now facing the difficult reality of navigating the aftermath, which Somerset aims to help them through by providing support and guidance.

Exploring Recovery Options

Despite the devastating circumstances, Somerset is working diligently with its clients to explore recovery options. Among the potential avenues for investors are:

1. Tax Benefits: With iCap being classified as a Ponzi scheme, investors may now access significant tax deductions, which can help alleviate some of the financial blows sustained. Somerset encourages clients to consult their tax advisors to explore these new possibilities.

2. Interest Distributions: Prior to the scheme’s discovery, many investors received interest payments, diminishing their net loss exposure. This aspect of the investment may offer some relief in the recovery equation.

3. iCap Trust Recoveries: ICap's bankruptcy has led to the establishment of the iCap Trust, managed by reputable trustees who are optimistic about asset liquidation and subsequent distributions to affected investors. Somerset is monitoring these recovery efforts closely, hopeful for compensated outcomes once the liquidation processes progress.

A Message from Thomas Hamlin

In an open letter to clients, Thomas Hamlin shared sincere apologies for the distress this has caused and reaffirmed their unwavering commitment to client support during this tumultuous period. He expresses that restoring clients' faith and trust is a top priority as Somerset works through the recovery process. “Your trust is something we do not take lightly,” he affirms, reassuring clients that they are in capable hands.

Moving Forward

While the ramifications of iCap Equity’s failure cast a long shadow, Somerset Securities remains dedicated to helping clients navigate recovery avenues and reclaim their investments. Their focus is on providing transparent communication and actionable strategies for clients during this challenging time.

As they move through this crisis, Somerset's ethos surrounding integrity and client commitment stands resolutely at the forefront, emphasizing a strong foundation for rebuilding and future partnerships.

Conclusion

The iCap Equity case represents a significant event for both Somerset Securities and the investors affected. However, in these challenging times, Somerset’s commitment to their clients continues to drive their actions and ethos, reflecting a determination to persevere and restore trust. For more information or to discuss any concerns, Somerset Securities encourages affected clients to reach out and stay informed about ongoing recovery initiatives.

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For further assistance, Somerset Securities can be contacted at (800) 813-4000. The firm is committed to ensuring their clients receive the best possible recovery processes in light of these unfortunate developments.