John James Hoidas (CRD #1937971, Oak Lawn, Illinois)

July 7, 2023 – An AWC was issued in which Hoidas was assessed a deferred fine of $40,000 and suspended from association with any FINRA member in all capacities for 18 months. Without admitting or denying the findings, Hoidas consented to the sanctions and to the entry of findings that he made unsuitable recommendations in speculative alternative investments to customers of his member firm that were inconsistent with the customers’ investment profiles. The findings stated that Hoidas borrowed $10,000 from one of his firm customers without providing prior written notice or obtaining written approval from the firm. After Hoidas failed to repay the loan, the customer complained to the firm, which ultimately reached a settlement with the customer. The findings also stated that Hoidas caused two member firms, with which he was associated, to maintain incomplete books and records. While registered through one firm, Hoidas communicated with firm customers regarding securities-related business through text messages using his personal phone. Because the firm had not approved text messaging as a permissible electronic communications channel, it did not capture or maintain Hoidas’ text message communications as required. Separately, while registered through another firm, Hoidas entered into a commission-sharing agreement with another firm registered representative, which was not disclosed to, or approved by, the firm. Hoidas caused the firm to fail to comply with its recordkeeping obligations by receiving compensation through the unauthorized and undisclosed commission-sharing agreement. The suspension is in effect from July 17, 2023, through January 16, 2025. (FINRA Case #2019061216402)