FINRA Suspends Securities Services Rep For Private Securities Transactions

Peter D. Holler (CRD #838897, Bristol, Tennessee) who was a registered representative of Securities Services Network, Inc., consented to being fined $10,000 and suspended until May 20, 2020 from acting as a broker or associating with FINRA member broker-dealer firms pursuant to a Letter of Acceptance, Waiver and Consent (“AWC”) #2017055239801 that was executed on May 21, 2018. Holler was found liable for selling away from Securities Services Network, Inc.

FINRA Suspends Securities Services Rep For Selling Away

The AWC disclosed that during the period of September 2016 to August 2017, Holler engaged in multiple private securities transactions. Specifically, he steered investors towards buying Woodridge Mortgage Investment Funds promissory notes. Woodbridge Mortgage Investment Funds was apparently a real-estate investment fund.
The findings revealed that Holler sold $1.39 million of Woodbridge Mortgage Investment Funds promissory notes to nineteen different purchasers. According to the AWC, nine of the purchasers were Securities Service Network, Inc. customers. Holler was paid $47,790 for selling the promissory notes.
The AWC stated that Holler neither notified his employer about the private securities transactions nor received approval to sell those promissory notes. FINRA stated that Holler committed violations of FINRA Rules 3280 and 2010 because of his unapproved private securities transactions.
Securities Service Network, Inc. discharged Holler on August 10, 2017. The firm alleged that Holler participated in outside business activities that were not disclosed or approved by the firm.
Since his termination, Holler’s activities resulted in customer disputes which have been disclosed on FINRA BrokerCheck. He was named in a customer-initiated investment-related arbitration dated March 23, 2018. The customer alleged that Holler sold fraudulent investments in Woodbridge Mortgage Investment Fund 3A LLC on December 21, 2016. At least $150,000 in damages has been alleged, and the arbitration is pending. (FINRA Arbitration Case #18-01107).
Holler was named in another customer arbitration dated April 9, 2018. The customer alleged that Holler sold them Woodbridge Mortgage Investment Fund 4 – a fraudulent and unregistered security. The customer demanded $490,000 in damages. The arbitration is ongoing. (FINRA Arbitration Case #18-01304).

Peter D. Holler was employed at The Lincoln National Life Insurance Company and Lincoln Financial Advisors Corporation from October 10, 1992 to November 20, 2001. He has employed by Securities Service Network, Inc. from November 6, 2001 to August 10, 2017.
Investors who have incurred losses from Peter D. Holler’s Woodbridge Mortgage Investment Fund  promissory note sales should contact Soreide Law Group at (888) 760-6552 for a free consultation. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.