Bambi Holzer – investment adviser to celebrities and prolific author of books on money and investing. In 2007, she published “Financial Bliss.” According to one review, the book is a valuable “guide that helps couples solve money problems and create a life plan.” Dozens of former clients have a different opinion; they think she almost ruined their life plan.
An article published by InvestmentNews today claims that Holzer’s record on FINRA’s broker check system is 112 pages. We couldn’t believe it. Unfortunately, it’s true – 5 regulatory events and 64 customer complaints.
Holzer quit her last employer, Newport Coast Securities earlier this year. Last month, she was suspended by the Financial Industries Regulatory Authority – FINRA. Now FINRA regulators are suing her for allegedly lying to a former employer about her clients.
There are two sides to every story, of course. We don’t pretend to know all the facts in the present lawsuit. Unfortunately, if prior practice is any indication of her current behavior, things don’t look good. We know many, many brokers who work for decades without a securities fraud complaint. FINRA says Holzer has 64 customer complaints. Only 6 were dismissed.
More ominously, Holzer’s attorney now seems to be blaming Holzer’s clients! According to InvestmentNews, he claims that her clients are complaining because they were simply desperate for juicy returns.
Looking at the individual complaints, it is clear that Holzer indeed represented wealthy clients. Many of the damage claims (and settlements) are 6 and 7 figures. Two of her former employers, UBS and Wedbush Securities , appear to have been saddled with most of those losses.
Wherever the truth is, things don’t look good for Ms. Holzer. A stockbroker fraud lawyer for many years (decades), I have never seen a broker’s record that stretched to 112 pages.
If you have been defraud by a stockbroker, investment advisor or other financial professional, give us a call. Our team of securities fraud lawyers help people get back their hard earned money. Most cases can be handled on a contingent fee basis meaning no legal fees unless we recover your hard earned money.
Post by Brian Mahany, Esq.