FINRA officially barred broker Bambi Iris Holzer from the securities industry this month for a series of unsuitable recommendations, gaining of supervisory approval through the use of false information and willful failure to disclose a pending regulatory action, arbitration award and judgment.
Disciplinary Proceeding #2010021778101
FINRA Enforcement determined Holzer willfully marketed an illiquid and highly risky private placement—Provident 8—to multiple clients with low risk tolerances. Despite these preferences, Holzer allegedly defied supervisory orders by allowing concentration to exceed the predetermined amount of five percent of customer net worth.
The investigation states that to cover her tracks, Holzer submitted factually inaccurate net worth figures so as to reduce concentration to acceptable levels, the issue of suitability not withstanding.
This banishment follows FINRA's October 2013 complaint, alleging the aforementioned violations and adding onto Holzer's extensive BrokerCheck report, which exceeds 100 pages and includes five regulatory events and 65 customer disputes, including one termination and one judgment/lien.
She was previously fined and suspended for negligent misrepresentation concerning variable annuities, but failed to disclose this action to the state, resulting in another regulatory action.
Her first disclosure event occurred in 1991; since then, Holzer's disputes peaked at 15 disclosures in 2002 and she averaged nearly five disclosures per year since the start of the 21st century. Her banishment from the industry accounts for disclosure #5 of 2013.
Over the past 10 years, the Law Offices of Jonathan W. Evans & Associates handled cases involving similar allegations of misconduct and similar investment products mentioned in FINRA'S enforcement action.
If you invested with Bambi Holzer or a broker whose unsuitable recommendations, falsification of records or personal information or other misconduct has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for a consultation.
News: Broker to the stars, Bambi Holzer, barred from securities industry (InvestmentNews)