Articles Posted in Unsuitable Investments

Thirty New Orleans area investors have learned a lesson painfully you don’t have to.  Investor fraud isn’t always a flood. It can go drip-drip-drip. The 30 have joined together to file a claim with a Financial Industry Regulatory Authority (FINRA) arbitration panel charging that their brokers tried to line their pockets with high commissions from high-risk securities instead of following the investors’ directions to put their money in low-risk assets.

One of the investments Craig Accardo and Frank Briseno III put the burned investors money into was a real estate investment trust that has lost more than half its value in a year and is being sued on claims it mislead investors. The brokers affiliated with FSC Securities Corporation frittered away the nest eggs slowly, one of the accusers, Gordon Dalrymple told Nola.com, a New Orleans news website.

“When I started drawing on it, as time went on, I noticed that the principal kept going down,” said the 70-year-old retired investor who worked in management for the technology firm Zedi. On the advice of a former boss who was also a friend, Darylmple entrusted nearly half of a million dollars from his 401 (k) with Accardo and Briseno III with FSC Securities who he now is charging with squandering the money in grossly unsuitable investment recommendations.  A lawyer called the alleged fraud: “A long con, this kind of misconduct can be hard to detect, but the reverberations can linger.”

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;

CNBC
FOX Business
The Wall Street Journal
Bloomberg
CBS
FOX News Channel
USA Today
abc NEWS
DATELINE
npr
Contact Information