Corporate & Securities Law

Broker Bambi Holzer Facing Complaints Over Provident Royalties Offerings

By Steven Caruso

Bambi Holzer has a tainted track record filled with investor complaints. Now, Holzer is facing new complaints over risky private placements in Provident Royalties. The story was first reported March 29 by Investment News.

Last summer, the Securities and Exchange Commission (SEC) charged Provident with securities fraud involving $485 million in private securities sales. In March 2010, the Financial Industry Regulatory Authority (FINRA) expelled Provident Asset Management LLC, the broker-dealer arm of Provident.

According to the SEC?s complaint, Provident marketed a series of fraudulent private placements through Provident Royalties in an alleged Ponzi scheme.

An April 12, 2009, article by Forbes initially brought to light the fact that Holzer?s ?advice? to clients while employed at UBS had resulted in $12 million in settlements.

After resigning from UBS in 2001, Holzer went to A.G. Edwards, which fired her two years later for ?business practices inconsistent with the firm’s policies,? according to the Forbes article.

Holzer?s next job was with Brookstreet Securities, where she worked between 2003 and 2007. While at Brookstreet, Holzer was fined $100,000 and suspended for 21 days for ?negligent misrepresentations to customers regarding certain product features in connection with the purchase and sale of variable annuities.?

In total, Holzer has worked with seven investment firms since 1983, according to FINRA?s BrokerCheck.

Holzer currently is a registered representative affiliated with two firms: Wedbush Morgan Securities and Sequoia Equities Securities Corp.

Full post as published by Representing Investors on March 30, 2010 (boomark / email).