Uhlmann Broker John Hoidas Apparently Sold Unsuitable Alternative Investments
Investor Alert! FINRA BrokerCheck reports serious problems regarding a securities broker and financial advisor by the name of John James Hoidas (CRD#: 1937971, Chicago, Illinois). Evidently, Hoidas worked for Uhlmann Price Securities and Uhlmann Investment Management from 2013 to 2020. In July 2020, he joined Chicago Capital Management Advisors and American Trust Investment Services. Notably, FINRA BrokerCheck discloses investment disputes suggesting Hoidas’s sale of unsuitable investments which generated losses for his clients. Here’s what these disputes entail.
Uhlmann Price Securities Client Indicates That John Hoidas Sold Bad Investments
Evidently, Uhlmann Price Securities received a complaint from a client in August 2020 regarding John Hoidas’s closed end fund sales. Apparently, Hoidas sold investments which did not match up with the client’s risk tolerance. Supposedly, Hoidas did not invest the client in income-oriented investments. Because of this, the client indicated that the investments he selected were not suitable. For this reason, the client asked for $30,000 in compensation to offset their losses. This matter is ongoing.
John Hoidas Seemingly Sells Unsuitable Investment In GPB Holdings II To Uhlmann Investor
Apparently, a client of Uhlmann Price Securities took aim at John Hoidas in a November 2019 FINRA Arbitration Claim. Specifically, the client invested in GPB Holdings II which appears to have been unprofitable and inappropriate. This private placement might have been unsuitable given the risks associated with the investment. Given the allegations of sales practice violations by Hoidas, Uhlmann Price Securities opted to settle the matter through making a $26,470.59 payment to the client in January 2020.
Hoidas Misrepresents Investments According To Claim
Also, a client of Uhlmann Price Securities filed a lawsuit to recover losses caused by John Hoidas. Namely, the client suggested in this October 2019 dispute that Hoidas misrepresented investments. It is possible that Hoidas misled the client by making false statements regarding private placements. Supposedly, the client decided to invest because of these misrepresentations, and held investments from 2013 to 2019. Because of this, Uhlmann Price Securities paid the client $158,823.59 to settle this matter in January 2020.
Uhlmann Price Securities Client Complaints About John Hoidas’s Unreasonable Private Placement Sales
Notably, a third Uhlmann Price Securities client disputed John Hoidas’s sales practices. Allegedly, from May 2017 to July 2019, the client invested in private placements because of Hoidas. These alternative investments could have contained risks or other features which made them unsuitable for the client. For this reason, the securities firm compensated the client to the tune of $26,470.59 as a settlement of this matter in February 2020.
Variable Annuities, Promissory Notes Among Investments John Hoidas Sold
Finally, John Hoidas discloses through FINRA BrokerCheck that a client complained about his sales practices in July 2019. Apparently, this client purchased variable annuities, promissory notes and private placements because of Hoidas. These investments were reportedly incompatible with the client’s suitability profile. For losses sustained by Hoidas’s actions, the securities firm made a $238,235.29 payment to the client to resolve the matter in January 2020.
Losses From Securities Broker Hoidas
Have you experienced losses by investing with securities broker John Hoidas? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Hoidas.
