The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker John Hoidas. According to his publicly available FINRA BrokerCheck report, John Hoidas has been the subject of multiple customer disputes.

John Hoidas is an Illinois based securities broker. He has worked in the securities industry for fifteen years. During his career, he has been registered with six different securities firms.

His Registrations 

  • IDS Life Insurance Company (2004-2006)
  • Ameriprise Financial Services (2004-2008)
  • Brewer Financial Services (2008-2010)
  • Kingsbury Capital (2010-2011)
  • Spencer Trask Ventures (2010-2013)
  • Uhlmann Price Securities (2013-Present)

The Allegations 

  • In July 2019, a customer alleged that John Hoidas recommended highly unsuitable investments. This case was settled for $238,235 in damages.
  • In September 2019, a customer alleged that John Hoidas recommended highly unsuitable investments. This case is currently pending. The customer is seeking an undisclosed amount in damages.
  • In October 2019, a customer alleged that John Hoidas misrepresented investments. This case was settled for $158,823 in damages.

What Does This Mean?

The most important aspect of a securities broker’s job is the ability to determine what investments are suitable for their customers. Brokers can determine suitability by looking a various factors that include; risk tolerance, age, investment objectives, liquidity needs, and financial situation. Brokers who fail to discern if an investment is suitable for their customer after looking at these factors lack the ability to perform their position to the necessary standard.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with John Hoidas, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.