The co-founder of a Florida fiscal business experiencing trader lawsuits alleging securities fraud has died by suicide, and a spokesperson on Monday denied wrongdoing, indicating the death was not linked to a class action lawsuit submitted past week.
Eric Holtz, the 54-12 months-aged co-founder of the Seeman Holtz Loved ones of Providers in Boca Raton, took his personal daily life on Friday in California, the business spokesperson verified.
Lawsuits claim that Holtz, enterprise associate Marshal Seeman and their insurance policy and monetary firm defrauded elderly buyers in South Florida working with life insurance policies plan-backed notes.
The most recent, a course action submitted June 7 in South Florida federal courtroom on behalf of 76-12 months-previous Broward County resident Fanny Millstein, alleges the business offered securities without the need of correct licenses or exterior controls, resulting in unreturned cash.
The Seeman Holtz spokesperson stated that the corporation experienced only acquired of this lawsuit on Monday. “We deny any allegations of wrongdoing and think this circumstance is with no merit,” he wrote.
“There is no indication that Eric’s tragic passing is in any way relevant to this submitting,” he extra.
The Seeman Holtz financial commitment notes, which the agency named “longevity joined property,” ended up described as collateralized by everyday living insurance policies policies issued to third get-togethers that promised to spend a “substantial premium” upon the dying of the insured, in accordance to the class action.
The notes ended up marketed as harmless and uncomplicated to dollars out of at maturity, in accordance to the lawsuit. But Millstein was advised that the organization was undergoing “financial problems” and necessary more time to return her dollars, which hardly ever happened, according to the course action.
“The consequences have been devastating for Plaintiff. At age 76, Fanny Millstein should not be forced to ponder that her and her husband’s life savings invested with Seeman Holtz have vanished,” the lawsuit explained.
Legal professional Scott Silver, who signifies plaintiffs in the class action, said his team experienced spoken to virtually 100 buyers with very similar encounters. They signify additional than $100 million invested in the Seeman Holtz securities, and Silver believes the true greenback amount is significantly bigger.
The lawsuit mentioned the business has been “unwilling or unable” to provide facts about the benefit of the notes or the assets.
The new course motion follows comparable pending lawsuits submitted previously this year by Silver and other attorneys in Palm Beach County Circuit Court docket. The Seeman Holtz spokesperson explained the firm also denies the allegations in people lawsuits.
Seeman, president of Seeman Holtz, did not respond to direct messages trying to get comment.
(Reporting by Lawrence Delevingne Enhancing by Lauren Tara LaCapra and Cynthia Osterman)
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