INVESTOR ALERT—Centaurus Broker Carol Holm Has Twenty Customer Complaints
The Wolper Law Firm is currently investigating claims against Carol Holm a Financial Advisor at Carol Holm Financial and Centaurus Financial in Blackfoot, Idaho. Carol Holm has been in the securities industry since the 1980s and previously worked at Princor Financial Services and Equity Services.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), since 2000, Carol Holm has been the subject of an eye popping twenty (20) customer complaints for various sales practice violations. This is an exceedingly high number of customer complaints, yet Carol Holm remains registered and licensed to conduct business with investors. Carol Holm operates her own investment company, Holm FInanical, but maintains her registration through Centaurus Financial, which has supervisory authority over her sales practices.
Customers have alleged fraud, misrepresentation, negligence, and breach of fiduciary duty in connection with recommendations made by Carol Holm. Among the specific complaints include the following:
- May 2014—Customer alleges “violations of federal securities laws, violation of Idaho securities act, breach of fiduciary duty, common law fraud…” The matter was settled for $107,500
- September 2006—Customer alleges that 401(k) was rolled over into aggressive investments when the customer’s risk tolerance was conservative to moderate.
- August 2006—“Customer alleges that based on my recommendation, she retired and rolled over her retirement into a variable annuity policy” and lost her principal. The matter was settled for $35,222.
- August 2006—Customer alleged unsuitability with regard to a “variable annuity.” The matter was settled for $31,315.
- April 2006—Customer alleged that broker “did not listen to his request to reinvest in a lower risk investment.” The matter was settled for $69,626.
- April 2004—Customers alleged that broker failed to disclose material information regarding life insurance policies. The matter was settled for $226,323
- January 2004—Customers alleged that broker failed to disclose material information regarding life insurance policies. The matter was settled for $210,588
- July 2002—Customer alleged unsuitability in connection with a “variable annuity.” The matter was settled for $250,000.
Carol Holm has numerous additional customer complaints, all of which can be accessed by clicking https://brokercheck.finra.org/individual/summary/1178157#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Carol Holm, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.
