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Uhlmann Price Securities, LLC Broker John Hoidas GPB Capital Holdings Investment Losses

Posted on Wednesday, January 29th, 2020 at 3:17 pm    

GPB Capital Holdings

Were you the victim of Uhlmann Price Securities, LLC broker John Hoidas (CRD# 1937971) who recommended GPB Capital Holdings’ private placements? John Hoidas has been registered with Uhlmann Price Securities, LLC in Chicago, Illinois since 2013. 

GPB Capital Holdings Losses with John Hoidas

John Hoidas has been the subject of 10 customer complaints in 2019, according to his CRD report:

July 2021. “Claimants state John Hoidas made inappropriate recommendations to invest in private placements. [REDACTED] invested multiple time between 4/2014 and 3/2018. [REDACTED] invested once in 4/2016.” The customer is seeking $499,000 in damages. 

July 2021. “Claimant alleges Hoidas made investments in GPB that were unsuitable for the client. Client also alleges Hoidas requested the client grant Hoidas a 10000 personal loan. The client allegedly loaned the money which Hoidas failed to repay.” The customer is seeking $145,000 in damages. 

May 2021. “Client opened an IRA with Hoidas in August, 2014.On May 21,2021 client submitted a letter of statement of claim complaining of various investments including but not limited to GPB Capital Holdings, LLC and Renovate America. Client claims the investments were not suitable.” The customer sought $67,500 in damages and the case was settled for $11,500.

May 2021. “The firm has only received a notice from attorney stating intention to file a claim. Claimant seeks to rescind every purchase effectuated on her behalf. No further correspondence has been received.” The customer is seeking $155,000 in damages. 

March 2021. “Customer filed against Mr. Hoidas for soliciting alternative investment client later felt was unsuitable.” The customer is seeking $300,000 in damages. 

March 2020. “Clients requested income oriented investments. Clients claim the FS investments were unsuitable as the investments exceeded Claimants’ risk tolerance and level of financial sophistication. Clients affirmed their annual income and net worth and confirmed receipt of the prospectus which contained the risk disclosures. They had a time horizon of 12 years or more indicating no immediate need for liquidity. No communication was received directly from clients regarding the complaint. On 7/27/2020 branch received letter “For Settlement Purposes Only” from Gana Weinstein, Atty, NY, stating the [REDACTED] demand $30,000 to resolve this dispute pre-filing and before commencing a FINRA arbitration. Had the clients held their positions, based on the dividends they received and the current value of the investments, their net open position would be approximately ($12,000).” The customer sought $30,000 in damages and the case was settled for $12,500.

November 2019. “12/01/2016 thru present date Firm received a letter from client’s attorney stating they will be making a claim with FINRA regarding GPB Holdings II investment which client wants to rescind.” The case was settled for $26,470.59. The complaint was regarding private placements. 

October 2019. “9/2013 thru 07/2019 Client alleges Hoidas misrepresented the investments.” The case was settled for $158,823.59. The complaint was regarding private placements. 

September 2019. “05/2017 thru 07/2019 Client alleges Hoidas chose investments that were not suitable for her.” The complaint was regarding private placements and was settled for $26,470.59

July 2019. “03/2017 thru 03/2019 Client alleges investments Hoidas chose were not suitable for her.” The case was settled for $238,235.29. The complaint was regarding variable annuities, promissory notes, and private placements. 

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, Uhlmann Price Securities, LLC may be liable for investment or other losses suffered by John Hoidas’ 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.