The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Jed Tinder. According to his publicly available FINRA BrokerCheck report, Jed Tinder has been the subject of multiple customer disputes.
Jed Tinder was a Montana based securities broker. He worked in the securities industry for twenty-seven years. During his career, he was registered with four different securities firms.
- Pruco Securities (1984-1996)
- Edward D. Jones (1996-1999)
- Raymond James Financial Services (1999-2002)
- Western International Securities (2005-2016)
- In September 2015, a customer alleged Jed Tinder made unsuitable investment recommendations in transactions dating back to 2007. This case is currently pending. The customer is seeking $1.2 million in damages.
- In August 2016, a customer alleged that Jed Tinder engaged in reckless and negligent behavior. This case was settled for $100,000 in damages.
- In 2017, Jed Tinder became the subject of seven complaints all in relation to allegations that he recommended unregistered securities to unsuspecting customers. The allegations include; fraud, unsuitable recommendations, misrepresentations and omissions of material fact, and breach of fiduciary duty. These cases were settled for approximately $700,000 in damages.
- In December 2017, he was officially sanctioned by FINRA regarding the above mentioned allegations of him recommending unregistered securities. During the investigation, he allegedly refused to provide information FINRA had requested of him. Due to his alleged refusal, he was barred by FINRA from acting as a securities broker in any fashion.
What Does This Mean?
Securities that are not registered with the Securities and Exchange Commission are privately traded securities known as private placements. In addition to them being unregistered, these products are also not sold on any public securities exchanges. Because of this, there is a great potential for oversight when dealing in these products. Many brokers like Jed Tinder take advantage of how poorly regulated private placements are and misrepresent them as safe and low risk.
The truth about private placements is that they are incredibly speculative and illiquid. They are rarely suitable for any investor, and should certainly never be recommended to investors with more conservative investment objectives or a lessened financial situation. Despite this, many brokers continue to push these products onto unsuspecting investors because of the incredibly high commissions they receive when the transaction is executed. Brokers can receive up to 8 percent of an investor’s principal investment when an investor purchases a private placement on their recommendation. This excessively high commission makes it almost impossible for the investor to see a profit under anything other than exceptional market conditions.
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 Jed Tinder, please contact Oakes & Fosher for a free and private consultation.