Donald Saunders, a former railroad worker, recently won a groundbreaking $1.2 million arbitration claim against Concourse Financial Group Securities Inc., thanks to the efforts of his attorney, Bruce Oakes of Oakes & Fosher law firm. Saunders accused his financial advisor of investing heavily in unsuitable high-risk alternative investments and equity-indexed annuities, resulting in significant financial losses.
Oakes, representing Saunders, underscored the unsuitability of these investments given his client’s financial circumstances. Recognizing the severity, the arbitration panel awarded Saunders roughly ten times his net out-of-pocket losses. Due to the length of time that the improper investments were held, the Panel awarded the investor his lost opportunity costs. Dr. Craig McCann, an expert witness for Saunders, described the investment portfolio as one of the most detrimental he had ever seen. It posed a severe threat to Saunders’s and his spouse’s retirement savings.
The investments in question were high-risk private partnerships in oil and gas, a Walton land fund, and a nontraded real estate investment trust, and two equity indexed annuities.
The lawsuit targeted Concourse Financial Group Securities Inc., formerly known as ProEquities Inc., and individual broker responsible for Saunders’ improper investments was Jack Teboda.
