According to a a Reuters news report:
Bambi Holzer, a Beverly Hills, California-based broker known both for her frequent television appearances and the dozens of complaints against her by one-time clients, was informed on July 18 about the investigation, according to FINRA’s website.
FINRA, the industry body that regulates brokers, initiated the investigation, according to the disclosure. Holzer did not immediately respond to a request for comment. Former clients of Holzer have lodged as many as 50 complaints against her over the past decade, and some of the ex-clients have won more than a total of $11 million in fines and compensatory judgments against her, her broker registration shows.
Hollywood producer Ken Kragen sued Holzer and won after she convinced him to put his funds into what prosecutors charged was an oil-and-gas Ponzi scheme and into an insurance annuity from which his money could not be extracted until he died. Louis-Dreyfus also sued Holzer after the broker convinced her to put money in the same type of insurance annuity.
The Financial Industry Regulatory Authority (FINRA) is a self-regulatory organization that plays a critical role in overseeing U.S. broker-dealers and protecting investors. Established in 2007 through the consolidation of the National Association of Securities Dealers (NASD) and the regulation, enforcement, and arbitration operations of the New York Stock Exchange (NYSE), FINRA operates as an independent, non-governmental entity. Its primary mission is to safeguard the integrity of the securities industry by enforcing rules that ensure fair and ethical conduct among broker-dealers and their registered representatives.
FINRA’s responsibilities include writing and enforcing rules that govern the activities of its member firms, conducting examinations and audits to ensure compliance with these rules, and administering a dispute resolution forum for investors and broker-dealers. Through these activities, FINRA promotes market transparency and fosters investor confidence.
Investor education is another key component of FINRA’s mission. The organization offers a wealth of resources to help individuals make informed investment decisions and recognize potential fraud. Additionally, FINRA maintains a public database, BrokerCheck, which provides detailed information about brokers and brokerage firms, including their professional backgrounds and disciplinary histories.
By maintaining a robust regulatory framework and emphasizing investor protection, FINRA plays an essential role in the stability and integrity of the U.S. securities markets, ensuring they operate fairly and efficiently for all participants.