Securities Service Network Sued Over Woodbridge Notes
Peter David Holler of Bristol Tennessee a stockbroker employed by Securities Service Network LLC is the subject of a customer initiated investment related written complaint on February 27, 2020 in which the customer requested $855,000.00 in damages based upon allegations that the customer had been placed into unregistered Woodbridge securities by Holler during the time that Holler was associated with Securities Service Network.
Financial Industry Regulatory Authority (FINRA) Public Disclosure indicates that Holler is the subject of five more customer initiated investment related disputes pertaining to allegations of his bad business practices while employed by securities broker dealers including Securities Service Network. The stockbroker is the subject of a customer initiated investment related arbitration claim which was settled for $58,883.91 in damages on June 5, 2019 based upon allegations that the Securities Service Network customer had been defrauded as a result of being sold Woodbridge Mortgage Investment Fund 3A LLC by Holler.
On June 5, 2019, a customer initiated investment related arbitration claim pertaining to Holler’s conduct was settled for $39,306.34 in damages supported by allegations that the customer had been placed into fraudulent investments including Woodbridge Mortgage Fund 1 LLC by Holler in November of 2016 when he was employed by Securities Service Network. FINRA Arbitration No. 18-03746. On June 5, 2019, another customer initiated investment related arbitration claim in reference to Holler’s conduct was resolved for $50,319.30 in damages based upon accusations of the Securities Service Network customer having been sold fraudulent investments linked to Woodbridge Mortgage Investment Funds 3 and 4. FINRA Arbitration No. 18-02405. The claim alleges that those transactions were arranged by Holler sold away outside of Securities Service Network’s auspices.
Holler is also referenced in a customer initiated investment related arbitration claim which was settled for $198,990.45 in damages based upon allegations that the customer was sold real estate securities by the stockbroker that were neither registered nor exempt from securities registration requirements. FINRA Arbitration No. 18-01304 (June 5, 2019). Another customer initiated investment related complaint in reference to Holler’s activities was resolved on July 11, 2019 for $25,000.00 in damages founded on accusations that the Woodbridge Mortgage Fund promissory notes were fraudulent and had been sold by Holler without securing permission from Securities Service Network.
FINRA Public Disclosure confirms that Holler has been fined $10,000.00 and suspended for two years from associating with any FINRA member in any capacity based on findings that the stockbroker partook in private securities transactions without authorization from Securities Service Network. Letter of Acceptance Waiver and Consent No. 2017055239801 (May 21, 2018).
According to the AWC, investors had been solicited by Holler between September of 2016 and August of 2017 for investments in Woodbridge Mortgage Investment Fund. The AWC revealed that nine customers of Securities Service Network and ten additional investors collectively purchased $1,390,000.00 in the promissory notes which enabled the stockbroker to accumulate $49,790.00 in commissions. FINRA determined that Holler’s failure to notify Securities Service Network about those transactions and his failure to secure its approval meant that he violated FINRA Rules 2010 and 3280.
Holler was discharged by Securities Service Network on August 10, 2017 for having offered and sold Woodbridge Mortgage Investment Fund 3A to its customers when those securities were neither offered by the securities broker dealer nor permitted to be sold by its stockbrokers.