Silver Law Group has filed a lawsuit against Seeman Holtz, a Boca Raton company, on behalf of investors alleging they were sold unregistered securities amongst other allegations. Many of the investors are seniors living in south Florida who invested in Para Longevity promissory notes and other offerings. The lawsuit claims that Seeman Holtz has not paid all investors when the notes matured.
Seeman Holtz Alleged To Have Offered Unregistered Securities
Seeman Holtz, aka National Senior Insurance, is named for its co-founders Marshal Seeman and Eric Holtz, who manage and control the company. Seeman Holtz is an insurance agency, but is not licensed as a broker-dealer with the state of Florida or federal regulators.
Federal and state securities laws make it unlawful for a person to effect securities transactions or attempt to induce the purchase or sale of securities unless that person is registered to do so. State regulatory bodies require registration as well as the Financial Industry Regulatory Authority (FINRA), a regulatory arm of the Securities and Exchange Commission (SEC) in charge of licensing broker-dealers.
Silver Law Group’s lawsuit, filed jointly with two other firms, alleges that Seeman Holtz’s financial advisors improperly pushed investors (plaintiffs) to invest their money in promissory notes, which were unregistered securities.
“Using a network of unregistered dealers, Seeman Holtz sold the Notes to seniors, including Plaintiffs and others, by telling investors that the notes, including the Notes at issue in this case, were safe and secure and would be collateralized by a portfolio of life insurance policies which would provide safety of principal and substantial returns,” the complaint states.
The lawsuit calls these representations materially false and misleading because the entities had no collateral or were undercollateralized, among other reasons.
Many Investors Are Owed Their Principal
Many investors have not gotten their principal back after their notes matured. Investors have allegedly been told that Seeman Holtz has promised to return the money upon a liquidity event.
It is also alleged that Para sales representatives received commissions that were indirectly paid to them through Seeman Holtz and that these commissions were disguised as “service fees”, but that the sales representatives never provided any “services”.
BocaNewsNow.com reports that public records show Seeman Holtz received $4,269,400 in PPP money in April, 2020, and that Marshall Seeman recently listed his Boca Raton home for sale for $8,650,000. The news outlet claims it called Seeman Holtz “but a receptionist — who first giggled when asked if there was a corporate spokesperson — ultimately transferred us to a voicemail extension with no outgoing message.”
Contact Silver Law Group If You Need A Florida Securities And Investment Fraud Lawyer
Silver Law Group has extensive experience representing investors who suffered losses after being sold unregistered investments, including promissory notes like Para Longevity.
If you or someone you know invested in any of Seeman Holtz’s offerings, please contact Silver Law Group for a no-cost consultation at (800) 975-4799 or email firstname.lastname@example.org. This blog may be considered attorney advertising and should not be relied upon by any person as personal legal advice or creating an attorney-client relationship.