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Archive for the ‘Bambi Holzer’ Category

Bambi Holzer under investigation — again

According to a a Reuters news report:

Bambi Holzer, a Beverly Hills, California-based broker known both for her frequent television appearances and the dozens of complaints against her by one-time clients, was informed on July 18 about the investigation, according to FINRA’s website.

FINRA, the industry body that regulates brokers, initiated the investigation, according to the disclosure. Holzer did not immediately respond to a request for comment.  Former clients of Holzer have lodged as many as 50 complaints against her over the past decade, and some of the ex-clients have won more than a total of $11 million in fines and compensatory judgments against her, her broker registration shows.

Hollywood producer Ken Kragen sued Holzer and won after she convinced him to put his funds into what prosecutors charged was an oil-and-gas Ponzi scheme and into an insurance annuity from which his money could not be extracted until he died. Louis-Dreyfus also sued Holzer after the broker convinced her to put money in the same type of insurance annuity.


Wedbush Morgan broker Bambi Holzer’s Sale of Private Placements Including Provident Royalties Comes Under Fire

A broker whose employment record is littered with customer complaints over variable annuities is now the focus of investor lawsuits over highly illiquid and risky private-placement investments.

The broker, Bambi Holzer, has 42 settled customer disputes, according to information posted by the Financial Industry Regulatory Authority Inc. Four other disputes against her are currently pending, including one $200,000 investor claim based on selling private placements.

Ms. Holzer is currently a registered rep affiliated with two firms: Wedbush Morgan Securities Inc. and Sequoia Equities Securities Corp.

Variable annuities and private placements are high-commission products. Regulators this year and last have been combing the records of broker-dealers that sold private placements.

Last summer, the Securities and Exchange Commission charged Provident with fraud. The firm allegedly sold $485 million in private securities to investors. This month Finra expelled Provident Asset Management LLC, the broker-dealer arm of the Provident operation.

Provident marketed a series of fraudulent private placements through Provident Royalties in a massive Ponzi scheme, Finra said.

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