Peter D. Holler (CRD#: 838897) is a previously registered securities broker. Mr. Holler was most recently employed as a representative of Securities Service Network, Inc. (2001-2017), in Bristol, Tennessee.
On May 21st, 2018, the Financial Industry Regulatory Authority suspended Peter D. Holler for two years due to his alleged participation in undisclosed private securities transactions. Here, our securities fraud attorneys review the FINRA complaint against Mr. Holler. For full details on this case, please refer to Disciplinary Proceeding No. 2017055239801.
FINRA Complaint: Peter D. Holler
The relevant period, in this case, extends from September of 2016 to August of 2017. During that time, Peter D. Holler sold more than $1.39 million worth of Woodbridge Wealth promissory notes to at least nine different investors, raking in nearly $50,000 in commission payments for himself. Unfortunately, it has now become clear that Woodbridge Wealth was a massive Ponzi scheme.
Mr. Holler sold these Woodbridge Wealth promissory notes as private placements. Under FINRA Rule 3280, all private securities transactions must be disclosed to and approved by the broker’s member firm. FINRA alleges that Mr. Holler failed to make the required disclosures. This type of misconduct is often referred to as ‘selling away’. As Woodbridge Wealth was a fraud, this misconduct caused serious financial damage to the investors.
Without admitting to or denying any of the allegations raised by FINRA, Peter D. Holler consented to the sanctions proposed against him, including:
- A two-year suspension from the securities industry;
- Disgorgement of $49,790 in ill-gotten gains; and
- A civil fine of $10,000.
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