Cherrytree Group, LLC

Unclaimed39/100 · Serious concerns

Public-record listing · Newton, MA · https://cherrytree-group.com

Unclaimed listing. This firm has not registered or claimed this page. Everything here comes from public records and the firm’s own public website, as of 2026-10-17. Claim this listing Claiming lets the firm add information and submit proof, which may raise its score.

What they do

Newton, Massachusetts tax-credit consultancy. Its site describes brokering and syndicating federal solar credits to individuals and closely held companies (partnership funds branded 'P&R Tax Credit Equity Funds'), matching buyers and sellers of transferable solar credits, and arranging Massachusetts-area state brownfield and historic credits for larger investors. Funds are offered to accredited investors; the site cites 'IRR/ROI projections' of 40-54% (with depreciation and cash flow) and says the program ends in 2027, calling it a 'last chance'. SEC Form D filings exist for solar funds from 2021, 2022 and 2023 (the 2023 fund: $15 million offering, $100,000 minimum, no sales reported at filing). No SEC, FINRA, DOJ, court or state-securities action against the firm was found. A principal, Warren A. Kirshenbaum, has an official professional-discipline record (Massachusetts, U.S. Supreme Court, Texas); see the flag on this page for the dated citations.

Public-record summary. Category: Tax-credit brokerage and solar tax-credit funds for individuals (S08, S09). Fees: Not published.

Strategies offered

Solar Investment Credits Public record source
Purchased Energy Credits Public record source

Evidence score

39/100 · Serious concerns44 of 98 applicable points = 45; the score is held to the rubric cap of 39 (see caps). Rubric v1.1 (2026-10-17). Retrieved 2026-10-17.

39 points are pending because the item could not be checked from public records. If every pending item were verified, the score could reach up to 39 (limited by caps or by items that don't apply). How this is calculated.

Category	Points
Regulatory record (weight 25)	12 / 25
Tax-controversy record (weight 20)	20 / 20
Litigation & complaints (weight 15)	8 / 15
Transparency (weight 15)	2 / 15
Substance & verifiability (weight 15)	1 / 15
Structure quality (weight 10)	1 / 8

Red flags

A flag stays Open, and its cap applies, until it is addressed with new public evidence or with materials the firm submits and a reviewer accepts. Addressed flags no longer limit the score.

RF7: Principals with disciplinary history, prior promoter injunction (§§6700/6701), or bankruptcy pattern Open
Y: A principal's professional-discipline history (public records). Warren A. Kirshenbaum, who the firm's site lists as CEO and who signed the firm's 2023 SEC Form D as managing member of the fund's general partner, appears in these records: (1) Massachusetts Board of Bar Overseers summary (BD-2012-058): the Massachusetts Supreme Judicial Court accepted his resignation as a disciplinary sanction on July 25, 2012, effective Aug. 24, 2012; the Board's summary states he intentionally misused $100,000 of a client's funds held in an IOLTA account and made misrepresentations, and that he later repaid the funds. (2) U.S. Supreme Court: suspended from practice before that Court Oct. 9, 2012 and disbarred from practice before that Court Jan. 22, 2013 (order D-2693). (3) Texas Supreme Court, Misc. Docket No. 13-9052: accepted his resignation in lieu of disciplinary action, deemed the professional misconduct detailed in the Chief Disciplinary Counsel's response conclusively established, and canceled his Texas law license; the State Bar of Texas profile lists 04/29/13 and 'Not Eligible to Practice'. Identity match: same name and Newton, Massachusetts address in the bar and SEC records, and the firm's site biography lists a J.D. that matches the Texas bar record. These are official records; this page does not characterize anything beyond what they state.
Effect while open: Cap 39 + human review

Evidence by item

Each line shows the points awarded, how it was checked and a source link where one exists.

Regulatory record · 12 / 25

Item	Points	Status	Evidence
R1 Registration status verified for firm and soliciting individuals where required (BD/IA/state; insurance producer if relevant)	0 / 5	UNVERIFIED	No IAPD or BrokerCheck record found for the firm. Who markets the funds and whether any registered broker-dealer is involved are not public. source
R2 No SEC/FINRA disciplinary events for the firm (10-yr lookback)	8 / 8	VERIFIED (nothing found)	No SEC/FINRA enforcement records found under the firm's names (IAPD/BrokerCheck: 0 hits). source
R3 No disciplinary events for principals/control persons (10-yr lookback)	0 / 6	VERIFIED	A named principal has an official professional-discipline history (Mass. BBO/SJC 2012; U.S. Supreme Court disbarment from its bar Jan. 22, 2013; Texas Supreme Court license cancellation 2013). See the flag for citations. Rubric: scored 0 and red flag RF7 applied. source U.S. Supreme Court order
R4 No state securities-regulator or state AG actions against firm/principals	4 / 4	VERIFIED (nothing found)	No Massachusetts Securities Division complaint or state action found naming the firm by web search. Not exhaustive.
R5 Named licensed professionals (CPA/attorney/EA) in good standing	0 / 2	UNVERIFIED	Licensed-professional good standing needs state CPA board / bar lookups for named individuals; not performed in this pilot.

Tax-controversy record · 20 / 20

Item	Points	Status	Evidence
T1 Strategy is not a listed transaction / transaction of interest and not a current Dirty Dozen theme	8 / 8	VERIFIED	Federal solar credits and state brownfield/historic credits are not listed transactions; solar ITC is not a 2026 Dirty Dozen theme. source
T2 No DOJ Tax Division injunctions / IRC §§6700, 6701 promoter cases against firm or principals	6 / 6	VERIFIED (nothing found)	No DOJ injunction or promoter case found (CourtListener RECAP: 0 hits). source
T3 No adverse Tax Court / appellate opinions involving the sponsor's prior deals	4 / 4	VERIFIED (nothing found)	No Tax Court or appellate opinions naming the firm (CourtListener opinions: 0 hits). source
T4 Provides clear reportable-transaction disclosure guidance (Form 8886/8918) where applicable	2 / 2	VERIFIED	Strategy is not a listed transaction/TOI, so Form 8886/8918 guidance is N/A-justified (rubric: 2 = clear or N/A-justified). source

Litigation & complaints · 8 / 15

Item	Points	Status	Evidence
L1 No material civil fraud/misrepresentation litigation (firm, principals, affiliates)	5 / 6	VERIFIED (nothing found)	No federal civil docket naming the firm found (CourtListener RECAP: 0 hits). State dockets were not searched. source
L2 Complaint pattern reasonable (BBB, state AG, CFPB where relevant)	0 / 4	UNVERIFIED	Complaint history (BBB / state AG) not checked.
L3 No bankruptcy/insolvency pattern among principals or affiliates	3 / 3	VERIFIED (nothing found)	No bankruptcy case captioned against the firm found (CourtListener). source
L4 Entities in good standing with Secretary of State; legal entity names match marketing	0 / 2	UNVERIFIED	Secretary of State good-standing not checked: state portals checked use CAPTCHA (e.g., SC businessfilings.sc.gov); not bypassed. Needs a manual lookup or paid registry pull.

Transparency · 2 / 15

Item	Points	Status	Evidence
X1 Fees and total costs published or provided in writing before commitment	0 / 4	UNVERIFIED	Fees are not published on the pages reviewed.
X2 Offering documents available before commitment; Form D on EDGAR where applicable	2 / 4	PARTIAL	SEC Form D filings exist for P&R Solar Power Fund 2021, LLC; P&R Solar Power Fund 2022 LP; and P&R Solar Power Fund 2023, LP (filed 2023-12-14; Rule 506(c); $15,000,000 offering; $100,000 minimum; 0 investors at filing). Offering documents are not public. source 2023 Form D
X3 Names tax counsel / opinion issuer and allows direct verification	0 / 4	UNVERIFIED	No tax counsel or opinion issuer is named on the pages reviewed.
X4 Discloses audit/examination and claim history of prior deals	0 / 3	UNVERIFIED	Audit/examination and claim history of prior deals is not in public records; would need firm disclosure.

Substance & verifiability · 1 / 15

Item	Points	Status	Evidence
V1 Underlying assets independently verifiable (e.g., interconnection agreements, utility records, deeds, dated site evidence)	1 / 6	PARTIAL	A 2017 trade-press item (ETF Express, Jan. 17, 2017) describes a fund that bought an equity stake in New Hampshire solar facilities developed by a third party; the site's current '30 MW / $50 million' portfolio claim was not verified. source
V2 Placed-in-service / completion evidence for prior projects	0 / 4	UNVERIFIED	No public completion / placed-in-service evidence.
V3 Appraisals by independent credentialed appraisers (not promoter-selected)	0 / 3	UNVERIFIED	Appraisals / valuations not public.
V4 Pre-tax economic substance: investment case exists apart from tax benefits	0 / 2	UNVERIFIED	No public pro forma or pre-tax return case.

Structure quality · 1 / 8

Item	Points	Status	Evidence
Q1 Independent legal opinion (not solely promoter-paid boilerplate)	0 / 4	UNVERIFIED	Legal opinion not seen; independence unknown.
Q2 Tax insurance verified directly with named carrier/broker (policy exists, scope understood)	n/a	Not applicable	No tax insurance is claimed in the materials reviewed.
Q3 Fees reasonable relative to comparable offerings	0 / 2	UNVERIFIED	Needs a written fee comparison set of >=3 comparable offerings; not built in this pilot.
Q4 No guaranteed outcomes, benefit multiples or 'audit-proof' claims	1 / 2	PARTIAL	The site presents projected 'IRR/ROI' of 40-54% as likely, and a 'last chance' deadline message tied to 2027. No savings guarantee wording found; projections are the firm's own and unverified. source

Questions to ask this firm

Which entity offers and sells the fund interests, and is any registered broker-dealer involved? What compensation does Cherrytree receive (brokerage, management, or promote fees)?
Does Cherrytree provide offering documents (PPM, operating agreement, tax opinion) before any commitment, and who signed the tax opinions?
How is the 40-54% projection calculated (assumptions, credit amounts, cash-flow and exit assumptions)?
Can the firm document placed-in-service dates and the independent appraisal or cost-segregation support for recent solar funds?
How does the firm address the principal's professional-discipline record in its investor disclosures?

About these scores. Scores reflect only publicly available evidence found as of the retrieval date shown, scored with the same rubric for every firm. They are not an endorsement, rating of quality, accusation or statement about any person. Items we could not check from public records earn no points and are marked Unverified; a firm can supply proof to update them. How we score · Request a correction

Complaints

0 complaints under review · 0 substantiated · 0 with a response from the firm.

Complaints are an allegation until a reviewer decides. We show only the category and status, never the complainant’s identity, the description or any documents. Private complaints are counted but not itemized. The firm can respond by claiming this listing.

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Verification and listing notice

"Verified" means our staff checked the identity, business-registration, and credential details listed against the sources named, on the date shown. It is not an endorsement, rating, or recommendation. Firm- and advisor-reported information is their own statement. Listings are alphabetical; payment never affects order, scores, or warnings.