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Seeman Holtz Lawsuits

Several lawsuits have been filed during recent weeks alleging that Florida financial firm Seeman Holtz (SH) defrauded investors. The suits allege that SH sold unregistered securities to unsuspecting and unsophisticated investors, many of whom were in their 90’s.  The investments were purportedly life insurance-backed promissory notes.  Not only were the notes not registered as securities, SH has never been a registered brokerage dealer, and its salesmen were not registered associated persons.

The lawsuits allege that SH’s salesmen visited upscale communities and preyed on elderly investors who wanted stable and secure investments. SH told investors that “the Notes were safe and secure and would be collateralized by a portfolio of life insurance policies which would provide safety of principal and substantial returns.” Investors were assured that their promissory notes would be “liquid and that they would be repaid upon maturity.” One of SH’s clients had purchased multiple notes, of which the client’s suit details two. One note matured in January of 2019 and the other matured a year later. These notes were collectively worth approximately $226,000 and have since defaulted.

It should be noted that Eric Holtz, a cofounder of SH and a defendant in the lawsuits at hand, committed suicide earlier this month.

In one of the pending lawsuits, the Florida Office of Financial Regulation accuses SH of running a “ponzi-type” scheme, accusing the firm of various violations of Florida’s blue-sky statute, including fraud.  As of this date, the SEC has not publicly announced whether it is investigating Seeman Holtz.

If you wish to discuss any securities related question, please contact David A. Weintraub, P.A., 7805 SW 6th Court, Plantation, FL  33324.  By phone: 954.693.7577 or 800.718.1422.