Published On: September 13, 2017

According to a recent InvestmentNews article, Mark Holt, who is currently in prison, lost a FINRA arbitration decision worth $477,000, to two former clients who alleged he mismanaged their accounts. The clients settled with Harbour Investments and Geneos Wealth Management, two broker-dealers with which Mr. Holt was previously registered. The award included $100,000 in punitive damages to each of the claimants. The couple was an elderly couple that was described as unsophisticated investors. Mr. Holt was a former attorney and broker who was barred from the industry by FINRA for “defrauding his customers to obtain their property and money,” from 2005 until 2014. According to FINRA, “Holt represented to his brokerage customers that he would invest their funds in investment vehicles such as bond funds and mutual funds. Instead, Holt misappropriated their funds by depositing customer checks into a bank account he controlled and used these funds to pay for personal and business expenses.”
In 2014, Holt was sentenced to 10 years in prison after pleading guilty to wire fraud and is currently in jail at the Federal Prison Camp in Duluth, Minnesota. Mr. Holt was alleged to have stolen more than $2 million from customers and used the money on personal expenses, including a membership at a yacht club, luxury cars, cross-country travel, stays at Ritz Carlton hotels, meals at high-end restaurants, horse boarding and exotic dancers. This was according to a report in the Minneapolis Star Tribune. The customers alleged gross negligence, violations of federal and state securities laws, and other things. They also alleged that Geneos and Harbour, the two broker-dealers, “failed to properly supervise Hold, allowing him to steal their funds and provide false account statements.”
Mark David Holt was previously registered with Securities America in Lavista, Nebraska from February 1999 until September 2000, Linsco/Private Ledger Corp in Boston, Massachusetts from August 2000 until July 2005, Harbour Wealth Management in Madison, Wisconsin from August 2005 until August 2005, Geneos Wealth Management in Shoreview, Minnesota from August 2005 until February 2007 and Harbour Investments in North Oaks, Minnesota from February 2007 until November 2013. He has one criminal disposition against him and five customer disputes, two of which are currently pending, alleging negligence, breach of fiduciary duty, fraudulent non-disclosure, failure to properly supervise, and breach of contract, among other things. He has been permanently barred from the industry, according to public record with FINRA.
If you suffered losses with Mr. Holt, please call 312-332-4200 today to speak to an attorney about your losses. Geneos and Harbour had responsibilities to reasonably supervise Mr. Holt, and, because they did not, can be held liable for losses. The call to us is free so please call today. There is no obligation. Attorneys are standing by.


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