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;
- Advisor and Treasurer of his family’s business, 7901 Liquors & Grocery, Inc.
- Consultant and Board Member of Cosmos Holding, a pharmaceutical holding company.
Hoidas committed affinity fraud, targeting Greek Americans, and members of his Greek Orthodox church. During his sales pitches, he referred to common friends and acquaintances to convince his clients to invest. When recommending investments like GPB, he misrepresented them as safe and conservative investments that provided guaranteed income. He also struck fear in his clients that a market crash was imminent, convincing them to purchase private placements and annuities rather than investing in a diversified portfolio of stocks, mutual funds, and bonds.
When it came to over-concentrating client’s portfolios in alternative investments, Uhlmann Price was complicit. In correspondence Uhlmann Price sent to its clients, it made blanket statements about the importance of alternative investments in a diversified portfolio, completely ignoring investment objectives, investment time horizon, and the age and employment status of its clients, who relied on the principal they invested and could not make up for loss of their principal investment. Unfortunately, Hoidas and Uhlmann Price prioritized the 8% to 11% commission that they received over the interests of their clients. In some cases, they falsely told their clients that they would not receive the commission until the client’s principal investment was returned.
Stoltmann Law Offices has been closely covering the downfall of GPB Holdings for months, including the most recent news that a former employee of GPB filed a law suit stating that GPB is a Ponzi scheme. Hoidas and Uhmann price knew all about the regulators investigations into GPB, its missed filing deadline with the SEC, and the 25% to 39% drop in valuation for the GPB funds.. Yet Hoidas failed to inform his clients of this information. When confronted about their losses, he told them that this was nothing more than a lashing out by a disgruntled former employee and that everything would be resolved in a few months. Hoidas misrepresented that they could withdraw their investment, but upon making such demands they have been informed that the investment is illiquid – just one of many misrepresentations made by Hoidas and Uhlmann Price.
If you have suffered investment losses at the hands of John Hoidas and Uhlmann Price, Stoltmann Law Offices is here to help. We represent clients on a contingency fee basis, meaning that we do not get paid until you do. Contact Stoltmann Law Offices immediately, if Hoidas sold you GPB, LiquidSpace, IGF, annuities, or any other investments in which you have lost money. We will provide you with a free evaluation.