Goodman & Nekvasil P.A. Files Two Arbitration Claims on Woodbridge Mortgage Investment Funds – Peter David Holler (Peter Holler) Suspended from Securities Industry for Selling Woodbridge Investments
Peter Holler was licensed with Securities Service Network, Inc. from November 2001 until August 2017. Goodman & Nekvasil, P.A. has learned that Peter Holler was fired by Securities Service Network, Inc. on August 10, 2017 for selling the fraudulent Woodbridge Mortgage Investment Fund. Goodman & Nekvasil, P.A. has filed two arbitration claims against Peter Holler’s employer, Securities Service Network, Inc., on behalf of investors seeking to recover monies lost on the fraudulent Woodbridge Investment.
On March 14, 2018, Peter Holler agreed to a two-year suspension by FINRA from the securities industry, a $10,000 monetary fine, and the disgorgement of Woodbridge commissions totaling $49,790. Peter Holler consented to findings that Peter Holler violated FINRA rules in connection with selling $1.39 million in Woodbridge investments to 19 individuals.
On December 20, 2017, the Securities and Exchange Commission (SEC) filed an action alleging that the Woodbridge investment was a massive Ponzi scheme, and that new investor money was used to pay the returns owed to existing investors. The SEC also alleges that Woodbridge’s business model was a sham, and that Woodbridge and Woodbridge’s owner and President, Robert H. Shapiro, misused and misappropriated investor monies. The SEC points out that Woodbridge admits in its bankruptcy filing that it has less than $12 million in its bank accounts while having investor liabilities approaching $1 billion.
The SEC also alleges that many of the properties Woodbridge purchased remain as vacant lots that have set undeveloped for several years. According to the SEC, nearly all of the purported third-party borrowers were actually limited liability companies owned and controlled by Woodbridge, which had no revenue, no bank accounts and never paid any interest under the loans.
If you invested in the Woodbridge Mortgage Investment Funds through Peter Holler, you may be able to recover your losses from Securities Service Network, Inc. This is because Securities Service Network, Inc. had a duty to supervise Peter Holler.
If you invested in the Woodbridge Mortgage Investment Funds through Peter Holler, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Securities Service Network, Inc. concerning Peter Holler’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. You will continue to own your claim in the Woodbridge Bankruptcy; our case involves a separate, additional avenue of recovery.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of law for more than 35 years. Goodman & Nekvasil, P.A. has recovered approximately $180 million on behalf of victimized investors. If you invested in the Woodbridge Mortgage Investment Funds with Peter Holler 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.
Keywords: Peter David Holler, Peter Holler, Securities Service Network, FINRA, Goodman and Nekvasil, Kalju Nekvasil, Woodbridge Mortgage Investment Fund,