Politics & Government
Beverly Hills Broker Bambi Holzer Barred from Securities Industry
Holzer of Beverly Hills-based Wealth & Income Management Group is a target of several Wall Street complaints, including selling fraudulent securities. She denies the allegations, according to The Wall Street Journal.
Bambi Holzer, the prominent Beverly Hills securities broker for many of Hollywood' elite was barred in December from working in the industry, according to The Wall Street Journal.
Holzer accepted the ban but denied the allegations, claiming she is "retired" from the industry, according to the newspaper.
She was accused in October 2013 by a Wall Street watchdog group for lying to regulators and amassing other consumer complaints dating back more than two decades.
The settlement includes finding "numerous" Financial Industry Regulatory Authority violations and charged that Holzer made unsuitable placements to customers in 2008 and lied to regulators who were investigating the complaints.
Holzer worked in the securities industry since 1981, yet also logged 64 one-time complaints and five regulatory cases from clients since 1991, who alleged sales practice violations, the newspapers report.
According to the 27-page complaint filed in FINRA's disciplinary database, there are allegations that Holzer recommended that seven clients, including an 86-year-old widow and a divorced mother of three, to buy interests with high-risk securities in a company called Provident Shale Royalties 8 LLC.
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