Articles Posted in Brokers

If you lost money in investments with John Hoidas, a registered representative of Uhlmann Price Securities LLC, contact our office. We are representing investors who lost hundreds of thousands of dollars in private placements and annuities that were sold to them by Mr. Hoidas, including GPB, LiquidSpace and IGF Investment Grade Fund. These investments were sold to unsophisticated clients who could not afford the risk that these investments presented.

In July 2019, three customers filed complaints against Uhlmann Price and Hoidas. He also has a laundry list of financial disclosures on his CRD Report, including over $67,000 in IRS and state tax liens. Hoidas disclosed several outside business activities, including:

  • Consultant with Gerson Lehrman Group;

Recent records published by the Financial Industry Regulatory Authority (FINRA) indicated that former MML Investors Services broker Clifford Marks has received numerous resolved or pending customer disputes. These allege him taking unauthorized loans against his customer’s insurance policy while he was registered with NYLife Securities, and another customer alleged that Marks “made him sign blank forms and then attempted to coordinate a 401k rollover” without the customer’s authorization or knowledge. He also allegedly did not clearly explain unsuitable investments and provided misinformation and misdirection in the process of overselling him insurance products. These are all against securities rules and regulations and internal firm policies.

According to public, online records, Mr. Marks was previously registered with NYLife Securities in Mobile, Alabama from May 2011 until July 2016 and MML Investors Services in Mobile from August 2016 until January 2017. He has 10 customer disputes against him, one of which is currently pending. He is not currently registered as a broker within the industry.

According to a recent Financial Industry Regulatory Authority (FINRA) Award, Robert W. Baird was forced to pay Wells Fargo Advisors $10,856,166 in compensatory damages and the same amount in punitive damages, among other costs. Wells Fargo Advisors asserted unfair competition, breach of contract, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, conspiracy, tortious interference with actual and prospective business and tortious interference with contractual relations, violations of FINRA rules of conduct and unjust enrichment. The firm alleges that these raids that resulted in the accusations, occurred at a Wells Fargo branch office in Wichita, Kansas. If you suffered losses with Robert W. Baird, you may be able to recover them in the FINRA arbitration forum on a contingency fee basis. We help investors recover their losses by bringing legal action against the firm. The call to us is free with no obligation.

And why it still has so many holes in it.   Unfortunately, investors’ due diligence on a broker often starts, and ends, with a BrokerCheck review.  The entire article can be viewed at the link below.

http://www.chicagotribune.com/business/yourmoney/sc-cons-0611-journey-20150606-column.html

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