The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Jack William Teboda. According to his publicly available FINRA BrokerCheck report, Jack Teboda has been the subject of multiple customer disputes over the course of his career.
Jack Teboda was an Illinois-based securities broker. He had worked in the securities industry for thirty six years. During his career, he had been registered with six different securities firms. He is no longer working in the securities industry in any fashion.
- Franklin Financial Services (1979-1992)
- New England Securities (1992-1993)
- Money Concepts Capital (1993-1998)
- Emissary Financial Group (1998-1998)
- The Concord Equity Group (1998-1998)
- Proequities Incorporation (1998-2016)
- In Arpil 2005, a customer alleged that Jack Teboda recommended unsuitable investments. This case was settled for $11,200 in damages.
- In January 2013, a customer alleged that Teboda had failed to disclose material information regarding an investment in a non-traded REIT. The customers further alleged misrepresentation, negligence, breach of fiduciary duty, common law fraud, conversion, and more. This case was settled for $68,000 in damages.
- In February 2014, a customer alleged that Teboda had made unauthorized investments in their account, and had neglected to disclose material information regarding these investments. This case was settled for $51,700 in damages.
- In May 2015, a customer alleged that Teboda had recommended unsuitable investments. This case was settled for $40,000 in damages.
- In July 2017, a customer alleged that Teboda had recommended unsuitable investments in the form of two non-traded REITs. This case was settled for $92,500 in damages.
- In February 2023, a customer alleged that Teboda had violated his fiduciary duty by recommending unsuitable alternative investments and and equity indexed annuities. This case is currently pending, and the customer is seeking $750,000 in damages.
Alternative investments, such as non-traded REITs are privately traded investment funds not sold on any public securities exchanges. These types of investments can be very harmful to investors due the high level of risk, illiquidity, and extreme high cost structure. The illiquidity of these investments is a direct result of their private, unregulated nature. Publicly traded equities have a guaranteed redemption, so investors can liquidate their shares for the stated value at any moment. Those managing these private investment funds usually attempt to retain cash infused for as long as possible to continue funding operations, so only a finite number of buyouts are typically offered in scheduled increments. Investors are also almost always offered buyout offers substantially less than what they are told their shares are valued at. These alternative investments are mostly recommended out of significant conflicts of interest that arise because of the often excessively high commissions brokers receive when recommending these products. These commissions can be as high as ten percent of the investor’s principal investment. Securities brokers like David Karandos have a legal obligation to always act in the best interests of their customers. Brokers need to conduct the necessary due diligence to only recommend suitable or appropriate investments. Retirees, or those with limited liquidity and net worth should not be sold a high-risk, illiquid alternative investments.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Jack William Teboda, please contact Oakes & Fosher for a free and private consultation. We handle cases on a contingency basis, which means there are no fees charged unless we collect for you.