Based in Chicago, Illinois, investment adviser and registered broker John Hoidas is the subject of a pending customer dispute instituted against him on the allegation of unsuitable investment recommendation an investigation by lawyer for investors Alan Rosca shows. Investors who believe they suffered losses as a result of investment recommendations made by John James Hoidas are encouraged to discuss their case at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this page.
Lawyers for investors at Rosca Scarlato LLC law firm are investigating the unsuitability allegations brought against Hoidas in the latest pending customer dispute. Public records reveal that broker John Hoidas is currently registered as a broker with American Trust Investment Services, Inc. He became registered with the Financial Industry Regulatory Authority (FINRA) member firm on 24th April 2020. He is also registered as an investment adviser with Chicago Capital Management Advisors, LLC. He has been registered with the firm since 24th July, 2020.
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John Hoidas Customer Alleged Unsuitability of Franklin Square Investments
Lawyer for investors Alan Rosca reviewed publicly available information and found that John Hoidas is the subject of a pending customer dispute initiated against him on the allegation of unsuitable investment recommendation in addition to other customer dispute he had previously settled.
According to the reports on his FINRA brokercheck page, the pending customer dispute was instituted on 17th August 2020. According to the reports, the client alleged that broker John Hoidas made investment recommendations that were unsuitable to them as the investments exceeded their risk tolerance and financial sophistication. The client alleged that the investments were connected with the Franklin Square investments; which have been allegedly deemed to be unsuitable to many investors.
The client alleged that they initially requested income oriented investments and that they had a time horizon of 12 years as they had no immediate need for liquidity. It was also alleged that the client sent a letter to the branch of the investment firm, demanding $30,000 to settle the dispute before commencing a FINRA arbitration.
Previously Settled Customer Disputes Involving Broker John Hoidas
The lawyer for investors also found that John Hoidas has settled some customer disputes prior to the pending customer dispute, as reported on his FINRA brokercheck page. In a customer dispute shown as settled on 14th November, 2019, the client made allegations relating to the unsuitability of the GPB Holdings II which were held by the clients and which they seek to rescind. The client in this dispute agreed to $26,470.59 as damages in settlement of the dispute.
Generally speaking, GPB Holdings II is part of the portfolio of investments held and controlled by GPB Capital Holdings, a firm headquartered in New York. Some of the other investments held by the firm include GPB Automotive Portfolio LP, GPB Cold Storage LP, GPB Holdings III LP, and GPB Waste Management Fund LP among others. The law firm of Rosca Scarlato LLC currently represents clients who have been affected by the GPB investments. If you invested money with John James Hoidas and are concerned about your investment, contact your experienced lawyers for investors, for a free evaluation of recovery options. Call 888-998-0530, email arosca@rscounsel.law, or leave a message through a contact form on this page.
Another dispute settled a month to the one mentioned above alleges misrepresentation. The dispute which was settled on 3rd October 2019 was initiated on the allegation that John Hoidas made misrepresentation on investments between September 2013 and July 2019. The dispute was settled for $158,823.59.
In a dispute shown as settled on 4th September 2019, the client alleged that the investments recommended by broker John Hoidas between May 2017 and July 2019 were unsuitable for her. As a result, the dispute was settled for $26,470.59. A similar dispute was settled on 1st July 2019. The client in this last dispute alleged that their investments between March 2017 and March 2019 were also unsuitable. The dispute was settled for $238,235.29,
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Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
What John Hoidas Investors Can Do
Lawyers for investors at Rosca Scarlato LLC law firm often represent investors in various cases alleging investment-related fraud or broker misconduct and are currently investigating unsuitability allegations involving broker John Hoidas brought against him though multiple customer disputes.
Typically, cases like this are taken on a contingency fee basis, which means that the investors pay for fees or costs only if there’s a win*. A securities lawyer and adjunct professor of securities regulation, attorney Alan Rosca has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of John James Hoidas alleged unsuitable investment recommendations, may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
