John Patrick Hoile (CRD# 3235563) is a registered broker and investment adviser currently associated with Wells Fargo Advisors / Wells Fargo Clearing Services, LLC in Raleigh, North Carolina. Our firm is investigating allegations relating to an investor’s claim that a REIT investment recommended while he was with Equitable Advisors, LLC was unsuitable and caused losses in excess of $5,000.
Stockbroker and Financial Advisor’s Career History
Mr. Hoile has been in the securities industry since 1999 and is currently registered with Wells Fargo Clearing Services, LLC and Wells Fargo Advisors in Raleigh, North Carolina. His registration and employment history, as reported in FINRA’s BrokerCheck, reflects the following firms:
- Wells Fargo Clearing Services, LLC / Wells Fargo Advisors (Raleigh, NC) – Registered Representative & Investment Adviser Representative (10/2017–Present)
- AXA Advisors, LLC (Raleigh, NC & New York, NY) – Registered Representative / Investment Adviser Representative (06/1999–10/2017)
- The Equitable Life Assurance Society of the United States (New York, NY) – Registered Representative (06/1999–01/2000)
He has passed the Series 6, 7, 24, 63, 65 and SIE examinations and is registered in multiple U.S. states and territories.
John Patrick Hoile Fraud Allegations and Investor Complaints Explained
According to FINRA BrokerCheck records, Mr. Hoile has been the subject of customer disputes involving allegations of unsuitable recommendations in Real Estate Investment Trust (REIT) products tied to his prior association with Equitable Advisors, LLC. These events are reported as follows (allegations are taken from publicly available regulatory filings and may be contested, unresolved, or ultimately decided in Mr. Hoile’s favor):
- Customer Dispute – FINRA Arbitration No. 23-03300 (Settled)
- Allegations: Customer alleged that a REIT purchased upon recommendation was unsuitable.
- Employing Firm at Issue: Equitable Advisors, LLC.
- Product Type: Real estate security (REIT).
- Relief Sought: Claimant sought damages greater than $5,000.
- Disposition: Reported as settled on or about January 18, 2025, for $28,991.00, with no individual contribution by Mr. Hoile disclosed.
- Customer Dispute – FINRA Arbitration No. 24-02434 (Pending)
- Allegations: Claimant alleges that a REIT investment recommended while Mr. Hoile was with Equitable Advisors, LLC was unsuitable.
- Product Type: Real estate security (REIT).
- Date Complaint Received: Approximately January 22, 2025 (firm report) / February 6, 2025 (broker report).
- Damages: Customer indicates losses greater than $5,000.
- Status: Pending FINRA arbitration; no settlement reported as of the most recent BrokerCheck update.
Summary of Reported Disclosures
- Customer disputes related to alleged unsuitable REIT recommendations.
- One FINRA arbitration settled for $28,991.00 with no reported individual contribution by Mr. Hoile.
- One pending FINRA arbitration seeking damages greater than $5,000 tied to similar REIT unsuitability allegations.
- All allegations remain subject to the explanations in the public record; pending matters are unproven, and settlements may reflect business decisions without admissions of wrongdoing.
Investors who purchased REITs or other complex real estate securities through Mr. Hoile—particularly during his tenure at Equitable Advisors, LLC—may have potential claims if those recommendations were unsuitable for their risk tolerance, objectives, financial circumstances, or need for liquidity.
To obtain a copy of John Patrick Hoile’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) is central to the allegations involving REIT recommendations. The rule requires brokers and firms to have a reasonable basis to believe a recommendation is suitable for the customer based on their investment profile, including their financial situation, risk tolerance, investment objectives, time horizon, and liquidity needs. In disputes alleging unsuitable REIT recommendations, arbitrators may consider whether the broker adequately assessed the client’s profile, explained the risks, illiquidity, and fees, and avoided over-concentration in speculative or illiquid securities. If a REIT was recommended to an investor who needed preservation of capital, income, or liquidity, or where the risks and characteristics were not properly disclosed, such conduct may be argued to violate Rule 2111’s reasonable-basis and customer-specific suitability obligations.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) broadly requires associated persons and member firms to observe high standards of commercial honor and just and equitable principles of trade. Even when there is no separate rule violation proven, a pattern of recommendations that ignore a customer’s interests, mischaracterize product risks, or fail to address obvious red flags in a client’s account may be charged or evaluated under Rule 2010. In the context of the REIT allegations involving Mr. Hoile, arbitrators and regulators may analyze whether any proven failure to recommend only suitable investments, if established, also reflects conduct inconsistent with the ethical standards embodied in Rule 2010.
FINRA Rule 3110 (Supervision) requires brokerage firms to establish and maintain a supervisory system reasonably designed to achieve compliance with securities laws and FINRA rules, including suitability obligations for complex and illiquid products such as REITs. Where customers allege unsuitable REIT recommendations, questions may arise not only about the individual broker’s conduct but also about whether the employing firm maintained adequate policies, review processes, and oversight of alternative investment sales. If supervisory failures contributed to improper REIT sales, those issues may be relevant in arbitration claims and regulatory scrutiny, even if they do not appear as separate disclosures on an individual broker’s record.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
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