Frederick Holloway – Financial Advisor/Broker Frederick Holloway Barred from Securities Industry

Frederick Holloway – Financial Advisor/Broker Frederick Holloway Barred from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses

Frederick Holloway CRD #248814

Frederick Holloway was a previously licensed financial advisor with Holloway & Associates, Inc. According to FINRA, Frederick Holloway was barred from the securities industry in May 2019.

According to FINRA Allegations:

Frederick Holloway was named a respondent in a FINRA complaint alleging that as the sole registered representative and owner of his member firm, he recommended that customers exchange one deferred variable annuity contract (VA) for another without having a reasonable basis for the recommendations. The complaint alleges that Frederick Holloway failed to conduct a meaningful comparative analysis of the costs, features, and benefits of the surrendered and newly acquired VAs. In addition, Frederick Holloway placed clients whose VA exchanges incurred a surrender charge into a more expensive company VA with a “bonus feature” without considering whether the VA with the bonus feature was in fact suitable. The complaint also alleges that Frederick Holloway falsified or inappropriately altered VA transaction paperwork. Holloway had clients sign uncompleted paperwork that he and his assistant filled in later and/or photocopied for use in other transactions. Frederick Holloway also forged or directed his assistant to forge client initials to make changes to paperwork. In addition, by modifying the pre-signed forms and forging initials on documents, Frederick Holloway caused his firm to create and maintain inaccurate books and records. The complaint further alleges that Holloway directed his assistant to impersonate clients and employees of an insurance company in telephone conversations regarding VA transactions. Frederick Holloway himself pretended to be an insurance company employee to obtain information from his clients’ medical providers in connection with life insurance sales. In addition, the complaint alleges that Holloway directed his assistant to complete insurance continuing education classes for him so that he could meet his Maryland insurance licensing requirement. Frederick Holloway was able to retain his state insurance license and sell variable annuities because his assistant completed continuing education courses. Moreover, the complaint alleges that Frederick Holloway filed a Uniform Application for Investment Adviser Registration (Form ADV) in which he willfully made false statements, creating the false appearance that he maintained an active business of providing financial planning services. Section 207 of Investment Advisers Act of 1940 makes it unlawful to willfully make any untrue statement of material fact in any registration application or report filed pursuant to that Act. Furthermore, the complaint alleges that Holloway deliberately withheld most of the documents requested by FINRA until it learned of their existence and confronted Holloway about them, and he altered documents before they were produced to FINRA.

Goodman & Nekvasil P.A. May Recover Investor Losses

If you lost money on investments with Frederick Holloway and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Frederick Holloway’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Frederick Holloway and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us. 

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