We reported in August 2013 that the Financial Industry Regulatory Authority (FINRA) was investigating former Wedbush Securities stockbroker Bambi Holzer for FINRA rules violations. Since that time, on October 18, 2013, FINRA filed a civil enforcement complaint against Holzer for selling a risky private investments to seven clients when she was a broker for Los Angeles-based Wedbush Securities. The investment turned out to be a Ponzi scheme. While neither Holzer nor Wedbush are accused of taking part in the Ponzi scheme, FINRA claims that investment was unsuitable for the investors. FINRA also accuses Holzer of lying to FINRA and selling worthless securities from her Wedbush office located in Beverly Hills.
Separate from this current FINRA complaint, FINRA suspended Holzer in September for failing to pay an arbitration award to an investor.
Holzer has a long history of customer abuses, having been the subject of a shocking 64 customer complaints involving various forms of stockbroker misconduct. As a result of the recent FINRA enforcement proceeding, Holzer faces the possibility of a fine, a suspension, or a permanent bar from the securities industry.
Dimond Kaplan & Rothstein, P.A. has recovered money for a number of investors who used Ms. Holzer as their broker and who lost money as a result of Holzer’s and Wedbush’s alleged misconduct. Our Los Angeles FINRA arbitration lawyers currently represent other Wedbush and Holzer customers who lost money as a result of Holzer’s and Wedbush’s broker and brokerage firm misconduct.
