Category Archives: Securities Service Network

Peter Holler-Former Securities Service Network Broker-Subject of Suits Over Woodbridge Fund Losses-Bristol, TN

May 2018- Bristol, TN

The FINRA records of  Peter David Holler ,  a  registered stock broker who is currently suspended and who was last employed by Securities Service Network  disclose  two pending customer disputes involving the allegedly fraudulent Woodbridge Mortgage Investment Funds.

Total damages alleged in the pending cases exceed $600,000. Claimants have 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.

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.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Securities Service Network Acquires The Horizon Group

June 9, 2015

The Investment News reports that Knoxville, Tennessee-based broker dealer Securities Service Network (SSN) has acquired The Horizons Group, a firm previously affiliated with Cadaret, Grant & Co.

The Horizon Group manages over $400 million and is located in Rochester, New York, where it grew by focusing on providing retirement counseling and advice to large local employers including Kodak and Xerox Corp.

SSN, which has about 450 advisers and manages $13 billion, was recently acquired by Ladenburg Thalmann.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Securities Service Network Purchased By Ladenburg Thalmann–$45 Million

On September 22, 2014, Ladenburg Thalmann Services announced the purchase of Securities Service Network, Inc (SSN) for $45 million. SSN has about 4500 representatives and annual revenue in excess of $114 million.

A Ladenburg subsidiary, Securities America, announced the acquisition of Sunset Financial Services, earlier this year. The SSN acquisition   will increase Ladenburg to 4,000 financial advisers who with $125 billion in client assets generating over a billion in annual revenues.

SSN is currently owned by the David L. and Patricia Coffey Descendants Trust.

Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900

Broker Fired For Serving as Trustee/Executor Without Firm Approval

By  Robert H. Rex, Esq.

Shelby Lee Bowles of Newburg, Maryland, was suspended by FINRA for ten months and fined $40,000 for serving as the power of attorney, trustee, executor and sole beneficiary to a customer of the brokerage firm without disclosing these activities to his firm. FINRA findings state that Bowles prepared a trust agreement and a last will and testament for the customer. The trust agreement appointed Bowles as the sole trustee and sometime later Bowles appointed his wife as the sole beneficiary of the trust which had assets in excess of $1 million. 

FINRA found that Bowles falsely represented on multiple occasions to his employing firm that he had not been named as a beneficiary, trustee, executor or power of attorney for any client and that he would not do so without first seeking his firm’s approval. 

According to FINRA records, Bowles employing firm, Securities Service Network, Inc. , discharged him upon learning of his violations of firm policy. 

According to FINRA records, Bowles previously was registered with Securities Service Network, Inc. from 1/2010-3/2012. He was previously registered with Medallion Investment Services from 1/1999-12/2009. 

While firm policy with regard to a stock broker serving in the capacity of power of attorney, trustee, executor or as a beneficiary of a trust vary from firm to firm, most require that the relationship be disclosed to the employer. 

If you have questions about the way your brokerage account is being handled or questions about investment losses, call to speak with an experienced securities attorney. No charge for initial consultation.

Nationwide representation.


561 391 1900