Call 1-844-253-5858 if you invested with John Hoidas. Initial contacts are free and confidential. Jeffrey Pederson has handled hundreds of similar cases over the past 20 years.
The Financial Industry Regulatory Authority (“FINRA”) in July 2023 suspended Hoidas from the securities industry for 18 months. The suspension stems from the fraudulent actions that Hoidas made in the accounts of his investors.
Between January 6, 2017, and February 8, 2018, Hoidas made unsuitable recommendations in speculative alternative investments to three of his investors. These recommendations were inconsistent with the customers’ investment profiles. This is in violation of FINRA Rules 2111 and 2010 which require investment recommendations to be consistent with the wants and needs of investors.
Unsuitable investments are often made because higher risk investments generally pay higher commissions.
Additionally, in July 2018, Hoidas borrowed $10,000 from one of his UPS customers without providing prior written notice or obtaining written approval from UPS in violation of FINRA Rules 3240 and 2010.
These are just some of the actions against Hoidas. The record of this Chicago-area financial advisor reveal that he or his employer has been sued ten times since 2019 over the inappropriate investment activity of Hoidas.
Brokerage firms are required to adequately supervise their financial advisors. When they fail to do so investors have grounds to seek recovery. So when an advisor like Hoidas mishandles the accounts of his investors the brokerage firm is required to compensate the investors of Hoidas.