Mark Holt, 45, of Vadnais Heights, MN, was sentenced to 10 years in prison and ordered to pay nearly $3 million in restitution for stealing from his mostly retired clients.
According to the wire fraud charges that he pled guilty to, Holt began the scheme in 2005 when he started diverting client funds to his personal bank accounts where he spent the money on a yacht club membership, travel, stays at the Ritz, expensive meals, horses and exotic dancers.
Assistant U.S. Attorney Kimberly Svendsen said “This crime is the result of choices Mark Holt made day after day. This defendant is a predator”.
Holt used his affiliation with Harbour Investments, a FINRA registered broker dealer to solicit his investor/victims. He hid his fraudulent scheme from clients by sending “portfolio fact sheets” to them which contained false information and also used a website in the same manner.
Investors should be wary of any document received in connection with their account that does not come to them directly from the brokerage firm’s main office and should be suspect of any account summary prepared for them and provided to them by the broker.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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