The Financial Industry Regulatory Authority (FINRA) filed a civil enforcement complaint on October 18th., against Bambi Holzer, Beverly Hills broker and chairman of Wealth & Income Management Group, Beverly Hills, for allegedly selling seven investors worthless privately issued securities and for allegedly lying to FINRA in regulatory documents. According to Reuters, many of Holzer's clients were highly successful people and many Hollywood actors, including Julia Louis-Dreyfus who sued Holzer for placing her in an annuity that locked in the investment until death.
Holzer had been suspended in September by FINRA for not paying an investor who won an arbitration case against her. Despite having 64 complaints against her, from the time she began in the securities business in 1981, Holzer had been allowed to continue working in the securities business. Some of the previous settlements and judgments have totaled more than $11 million.
The current FINRA complaint involves recommendations Holzer made to seven clients in 2008, when she was a broker at Wedbush Securities, Inc., in Los Angeles. These securities were issued by Provident Royalties, LLC, which later turned out to be a worthless Ponzi scheme. Neither Holzer nor Wedbush were accused of taking part in the Ponzi scheme, the claims against Holzer are for her recommendations of the securities to her clients.
The following article appeared on Soreide Law Group's blog on Jan. 13, 2013:
https://www.securitieslawyer.com/securitieslawyerblog/?s=Bambi+Holzer+&submit=Go
If you feel you may have a claim against Bambi Holzer call Securities Lawyer, Lars K. Soreide, of Soreide Law Group, at 888-760-6552. Soreide Law Group represents clients nationwide before FINRA. Call for a free consultation on how to potentially recover your losses or visit our website at: https://www.securitieslawyer.com.
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