Trust is everything when choosing an investment advisor or stockbroker. Apparently that was lost on Bambi Holzer, Hollywood stockbroker to the rich and famous. She has been suspended by regulators–for a second time. I’m not surprised that variable annuities were part of this breach in trust.
Ms. Holzer, who has been affiliated with at least 10 different brokerage firms during her career, has been suspended before. In 2005, she was fined $100,000 and suspended for 21 days related to the alleged misrepresentation of variable annuities, according to her public report on Finra’s website. Ms. Holzer neither admitted nor denied the allegations.
“What took so long?” said Philip Aidikoff, a Beverly Hills-based securities lawyer who said he has represented at least a dozen clients in claims against Ms. Holzer’s sales practices over the years. “This wasn’t someone who was right on the edge, this is beyond what I’ve ever seen in number of customer complaints, with the exception of a couple boiler-room brokers in the early ’90s.”