Former MN Advisor Mark David Holt is purportedly serving a 10-year prison term for Wire Fraud.

According to reports, Mark David Holt, 47, a former broker currently in prison, has lost a $477,000 FINRA arbitration decision. Holt’s former clients Peter Izmirian and Sandra Ingwaldson, reportedly filed their arbitration claim with FINRA in March 2015 and later apparently settled with two broker-dealers where Holt was registered, Harbour Investments and Geneos Wealth Management, according to the FINRA arbitration award.

Holt was not present at a hearing about the claim, due to his incarceration, according to the document. The award includes $100,000 in punitive damages to each of the claimants.

According to his FINRA BrokerCheck report, Mark David Holt was barred from the securities industry in 2014. He was reportedly sentenced to 10 years in jail after pleading guilty to wire fraud and is reportedly currently incarcerated at the Federal Prison Camp in Duluth, Minn.

Holt allegedly stole more than $2 million from clients, according to FINRA. Reports state Holt allegedly used his clients’ funds for personal expenses, including a membership at a yacht club, luxury cars, cross-country travel with stays at a Ritz Carlton hotel, meals at high-end restaurants, horse boarding and exotic dancers.

Holt was an attorney who has since been disbarred. According to FINRA BrokerCheck report, he allegedly defrauded his customers to obtain their property and money. “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.”

Holt’s clients alleged gross negligence, violations of federal and state securities laws as well as other charges in their complaint.

Holt was registered with Harbour Investments in North Oaks, MN from 02/22/2007 until 11/08/2013. He has thirteen disclosures listed on his Broker Check report.

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This information, which is publicly available on the Financial Industry Regulatory Authority’s website, has been provided by The White Law Group.

If you have questions or concerns about investments you made with Mark David Holt, the securities attorneys of The White Law Group may be able to help you.  To speak with a securities attorney, please call 888-637-5510.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

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