Peter David Holler of Bristol Tennessee a stockbroker formerly employed by Securities Service Network has been fined $10,000.00 and suspended for two years from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he sold away from the firm. Letter of Acceptance Waiver and Consent No. 2017055239801 (May 21, 2018).
According to the AWC, from September of 2016 to August of 2017, during the time that Holler was associated with Securities Service Network, he solicited customers’ purchases of Woodbridge Mortgage Investment Funds promissory notes. The AWC stated that $1,390,000.00 worth of promissory notes had been sold by Holler to nineteen investors; nine of those investors had accounts with Securities Service Network. The AWC revealed that Holler received commissions totaling $47,790.00 as a result of the promissory notes that were sold to the nineteen investors.
The AWC stated that Holler failed to notify Securities Service Network about the transactions he executed with the individuals that were not customers of the firm, and the firm never authorized him to engage in those private securities transactions. Consequently, FINRA found that Holler’s conduct was violative of FINRA Rules 2010 and 3280.
FINRA Public Disclosure reveals that Holler is referenced in two customer initiated investment related disputes pertaining to allegations of his violative conduct while associated with Securities Service Network LLC. Particularly, a customer filed an investment related arbitration claim concerning Holler’s activities in which the customer sought $150,000.00 in damages supported by accusations that Holler effected sales of fraudulent Woodbridge Mortgage Investment Fund 3A LLC on December 21, 2016. FINRA Arbitration No. 18-01107 (Mar. 23, 2018).
Thereafter, a customer filed an investment related arbitration claim regarding Holler’s conduct where the customer requested $490,000.00 in damages based upon allegations that unregistered and fraudulent securities had been sold to the customer by Holler in 2017. FINRA Arbitration No. 18-01304 (May 8, 2018).
Holler was discharged by Securities Service Network on August 10, 2017 founded on accusations that Holler engaged in undisclosed outside business activities in regard to Woodbridge Mortgage Investment Fund 3A, LLC – an investment that the firm never authorized to be sold by Holler to customers.
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