The Financial Industry Regulatory Authority is barring broker Bambi Holzer from the securities industry. Holzer is known for representing rich and famous Beverly Hills clients and many others.
Last week, Holzer who has been suspended by FINRA since September, settled with the SRO over the broker fraud charges. The regulator had sued her for allegedly lying to Wedbush Morgan Securities Inc., which is another former brokerage firm, about the net worth of a number of clients when she sold private placement offerings-Provident Royalties preferred shares-that ended up being part of a $485M Ponzi scheme. She is also accused of not reporting a pending regulatory action on her employment history.
Previously, Holzer and UBS PaineWebber Inc., which was another firm she was with, paid at least $11.4M to settle dozens of securities claims by investors accusing her of misrepresenting variable annuities by telling them they came with guaranteed returns. Holzer’s BrokerCheck report is 115 pages long.
As of October she had already settled 53 customer complaints, four were pending, and six had been denied or thrown out. She was previously sued by Veep and former Seinfeld star Julia Louis-Dreyfus for $4.4M over an annuities dispute.
Holzer settled with FINRA without deny or admitting to the securities charges. Her attorney said that she chose to resolve the case rather than take on the financial and mental toll of combating the disciplinary procedure.
Unfortunately, there are financial representatives who continue to cost investors because of stockbroker fraud, negligence, and carelessness. If you feel that your financial losses are a result of poor broker management, misconduct, or some other error or mistake on the part of your financial representative, please contact Shepherd Smith Edwards and Kantas, LTD LLP today.
Broker to the stars, Bambi Holzer, barred from securities industry, Investment News, December 20, 2013
More Blog Posts:
Despite Her Involvement in Dozens of Securities Cases, Brokerage Firms Continue to Clear Trades of Newport Coast Securities Broker Bambi I. Holzer, Stockbroker Fraud Blog, January 10, 2013
Ex-SAC Capital Manager Steinberg is Convicted of Securities Fraud & Insider Trading, Stockbroker Fraud Blog, December 23, 2013
Deutsche Bank, Royal Bank of Scotland Settle & Others for More than $2.3B with European Union Over Interbank Offered Rates, Institutional Investor Securities Blog, December 24, 2013