December 2020– Bristol, TN
The FINRA records of Peter David Holler , a stock broker who was last employed by Securities Service Network , disclose six final customer disputes involving the allegedly fraudulent Woodbridge Mortgage Investment Funds.
Total damages paid to resolve the claims are over $400,000. Claimants alleged that Holler sold them fraudulent investments in Woodbridge Mortgage Investment Fund 4 and Woodbridge Mortgage Investment Fund 3A.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 5/2018, FINRA suspended Holler for two years and fined him to resolve allegations that he engaged in a series of private securities transactions without approval of his firm.
Woodbridge-A $1.2 billion Ponzi According to SEC
The U.S. Securities and Exchange Commission announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme.
According to the SEC’s complaint, unsealed in federal court in Miami, Florida, Robert H. Shapiro and a group of unregistered investment companies called the Woodbridge Group of Companies LLC, formerly headquartered in Boca Raton, Florida, defrauded more than 8,400 investors in unregistered Woodbridge funds.
“We allege that through aggressive tactics, Woodbridge and Shapiro swindled seniors into a business model built on lies, which the SEC’s Miami Regional Office staff moved to halt,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.
“Our complaint alleges that Woodbridge’s business model was a sham,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division. “The only way Woodbridge was able to pay investors their dividends and interest payments was through the constant infusion of new investor money.”
“Our complaint further alleges that Shapiro used a web of layered companies to conceal his ownership interest in the purported third-party borrowers,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office. “Shapiro used the scheme to line his pockets with millions of investor dollars.”
Holler was employed by Securities Service Network from 11/2001 until 8/2017 when he was discharged by Securities Service Network in connection with the sale of Woodbridge Funds. Holler discloses business affiliations with SBS Services and Messimer Financial Services in Bristol, TN.
If you have losses in an account handled by Peter Holler, call for a no charge consultation to learn about your options for recovery of damages.
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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