Brad Holts Subject of SEC Complaint, Suspended By FINRA
Brad Holts (CRD #: 5819398), a former broker, is the subject of a pending SEC complaint, according to his BrokerCheck record, accessed on June 2, 2023. Keep reading to learn more about his alleged conduct as a broker.
Pending Civil Complaint
The SEC alleges that Brad Holts falsely claimed that investors’ funds would be invested in mutual funds offered by Invesco. Instead, he allegedly used these funds for personal expenses, including tanning salons and a divorce lawyer.
The SEC alleges that Brad Holts violated Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. This complaint is currently pending.
Securities Act of 1933
Section 17(a) of the Securities Act of 1933 prohibits the use of deceptive and fraudulent schemes in the securities business. It specifically bans false or misleading statements and the omission of material facts relating to securities.
Securities Exchange Act of 1934
Section 10(b) of the Securities Exchange Act of 1934 forbids the use of manipulative or deceptive devices in relation to the purchase or sale of securities. Within this section, Rule 10b-5 bans fraudulent schemes as well as untrue statements and omissions of fact that mislead investors.
Bar by FINRA
On July 28, 2021, Brad Holts received a Letter of Suspension alleging that he failed to respond to a FINRA request for information. He was suspended starting on August 23, 2021, and his suspension automatically converted to a permanent bar on November 1, 2021.
FINRA Rule 9552
FINRA Rule 9552 penalizes members who fail to provide documents, information, or testimony requested by FINRA with a suspension. Members have the opportunity to request an end to their suspension within three months of its imposition, after which it becomes a permanent bar.
Termination from World Capital Brokerage
On July 15, 2021, World Capital Brokerage fired Brad Holts after he allegedly violated supervisory procedures by failing to cooperate with FINRA requests for information.
Brad Holts Background Information
Brad Holts has passed the following exams:
- Series 66 Uniform Combined State Law Examination
- Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
He previously worked with the following firms:
- World Capital Brokerage (CRD #: 37)
- Supreme Alliance (CRD #: 45348)
- Capital One Investing (CRD #: 45744)
- Capital One Investment Services (CRD #: 25658)
- Edward Jones (CRD #: 250)
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