The Frankowski Firm is investigating potential claims against stockbroker Mark David Holt, formerly of Harbour Investments and Geneos Wealth Management in the Minneapolis-St. Paul, Minnesota area. Mr. Holt is a disbarred attorney and former broker who was banned from the securities industry and is currently serving a ten-year prison sentence for wire fraud. According to Financial Industry Regulatory Authority (“FINRA”) data, Mr. Holt was barred from the securities industry after pleading guilty in 2014 to a wire fraud violation. The allegations stem from Mr. Holt’s theft of his clients’ money by depositing more than $4 million of their investment funds into his personal account. Mr. Holt represented to his customers that he was investing their money in bond funds and mutual funds but was instead depositing it into his personal account to fund a lavish lifestyle, including a yacht club membership, luxury cars, Ritz Carlton hotel stays, fancy dinners, horse boarding, and exotic dancers, according to this article from the Minneapolis Star Tribune.

Mr. Holt furthered the theft by sending the clients phony portfolio statements and making statements available online which showed their investments to be stable. He also made occasional payments to the client that purported to be earned interest or scheduled annuity payments, to keep the clients from being suspicious.

As a part of Mr. Holt’s sentencing, the court ordered him to pay $2.9 million in restitution to his former clients. According to his FINRA Broker Check, some of Mr. Holt’s former clients have also filed individual claims with the Financial Industry Regulatory Authority (“FINRA”) against Mr. Holt and against Geneos Wealth Management, Inc. and Harbour Investments, Inc. for Mr. Holt’s actions as their employee and for their neglect in failing to supervise Mr. Holt adequately.

If you or someone you know was the victim of an investment recommended by Mr. Mark David Holt, or of a similar Ponzi Scheme, please call the Frankowski Firm at 888.741.7503 or fill out this contact form