John James Hoidas of Chicago Illinois a stockbroker formerly registered with Uhlmann Price Securities LLC is referenced in a customer initiated investment related written complaint which was settled for $12,500.00 on October 6, 2020 founded on allegations of unsuitable closed-end fund transactions being effected in the customer’s account by Hoidas while he was registered with Uhlmann. According to the complaint, the investments were inappropriate given the customer’s investment expertise and their tolerance for risk.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Hoidas has been identified in four more customer initiated investment related disputes regarding accusations of his indiscretions during the time that he was employed by Uhlmann. On January 7, 2020, a customer initiated investment related FINRA securities arbitration claim involving Hoidas’s conduct was resolved for $238,235.29 in damages based upon allegations that private placement and promissory notes transactions were not suitable for the Uhlmann customer between March of 2017 and March of 2019. FINRA Arbitration No. 19-01850.
On February 3, 2020, another customer initiated investment related FINRA securities arbitration claim regarding Hoidas’s conduct was settled for $26,470.59 in damages supported by accusations of unsuitability as it pertained to the customer’s investments in private placements through Hoidas between May of 2017 and July of 2019. FINRA Arbitration No. 19-02635. Hoidas is also the subject of a customer initiated investment related FINRA securities arbitration claim which was resolved for $158,823.59 in damages founded on allegations that misrepresentations of private placements had been made by the stockbroker during the time that he was associated with Uhlmann. FINRA Arbitration No. 19-02979 (Jan. 3, 2020).
On January 3, 2020, an additional customer initiated investment related FINRA securities arbitration claim concerning Hoidas’s conduct was settled for $26,470.59 in damages based upon accusations that GPB Holdings II had been sold to the customer because of Hoidas and that the customer sustained damages. FINRA Arbitration No. 19-03408 (Jan. 3, 2020).
Hoidas’s registrations as a stockbroker and investment adviser representative of Uhlmann have been terminated as of February 24, 2020. He was registered with Chicago Capital Management Advisors LLC between February 28, 2020 and November 6, 2020. The stockbroker has been registered with American Trust Investment Services Inc. since April 24, 2020.