Former ProEquities, Inc. broker Jack Teboda (CRD# 864760) is accused of unsuitable investment recommendations. He was registered with ProEquities, Inc. in Elgin, Illinois, from 1998 to 2016. Previously, he was registered with The Concord Equity Group, LLC in Iselin, New Jersey, from June to October 1998.
Jack Teboda Customer Complaints
He has been the subject of six customer complaints between 2005 and 2023, according to his CRD report. The most recent complaints were regarding:
February 2023. “Client alleges that the registered representative violated his fiduciary duty by recommending unsuitable alternative investments and and equity indexed annuities.” The customer is seeking $750,000 in damages, and the case is currently pending. The complaint was related to real estate securities, and it took place while he was registered with Concourse Financial Group Securities, Inc., and it was related to real estate securities and equity index annuities investment losses.
July 2017. “[Customer] alleges that Mr. Teboda’s sale of two nontraded Real Estate Investment Trusts (“REITs”) were unsuitable considering the [Customer’s] time horizon and risk tolerance. [Customer] argues that the sale of these REITs by Mr. Teboda constitutes breach of fiduciary duty, fraud and misrepresentation, unjust enrichment, breach of contract, negligence, and violations of Illinois Securities Law and FINRA Rules. Approximate dates when activities leading to the allegation(s) occurred: 2007-2016.” The customer sought $147,000 in damages, and the case was settled for $92,500. The complaint was related to fixed annuities and real estate securities, and it took place while he was registered with ProEquities, Inc.
May 2015. “Claimant alleges that on/about February 2008, respondent advised him to invest monies in products that were unsuitable for him due to his then financial situation, investment experience, risk tolerance, and investment needs. Claimant’s allegations include but are not limited to misrepresentation of investments, negligent account management, breach of contract and breach of fiduciary duty.” The customer sought $84,137.22 in damages, and the case was settled for $40,000. The complaint was related to real estate securities, and it took place while he was registered with ProEquities, Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, ProEquities, Inc. may be liable for investment or other losses suffered by Jack Teboda’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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