Seeman Holtz, the financial advisory group, is reportedly struggling with its finances – on top of a major lawsuit filed against it
Filed May 05, 2021 in the 15th US Circuit Court for Palm Beach County in Florida, the lawsuit’s plaintiffs are senior citizen investors who accuse Seeman Holtz’s financial advisors of illegally encouraging them to invest money in promissory notes. When the notes matured, the company refused to pay investors back, the suit claimed.
According to the suit, investors were informed that Seeman Holtz was undergoing financial problems and that the notes could not be immediately paid for.
“Seeman Holtz, which was not registered as a broker-dealer with the State of Florida, US Securities and Exchange Commission or the Financial Industry Regulator Authority, sold the notes to the plaintiffs,” attorneys representing the plaintiffs said. “The notes are unregistered securities. Messrs. Seeman and Holtz managed and control Seeman Holtz and also manage and control PL Holding, the managing member of the PL Entities.”
The attorneys went on to say that Seeman Holtz sold the notes to seniors, telling them that the notes were “safe and secure,” and that they would be collateralized by a portfolio of life insurance policies which would provide “safety of principal and substantial returns.” However, the seniors did not receive any returns on their investment – many of them allegedly invested their life savings with Seeman Holtz.
“Upon information and belief,” the suit said, “these representations were materially false and misleading.”
In terms of the company’s financial woes, BocaNewsNow.com reported that the firm received $4,269,400 in Paycheck Protection Program (PPP) funds on April 07, 2020, based on public records. The company’s founder, Marshal Seeman, also just listed his Boca Raton home for sale, priced at $8,650,000.
Meanwhile, a notice of public sale for “certain personal property” of Seeman Holtz Property and Casualty (SHPC) Holdings was posted on the website of Rock Creek Advisors. In the notice, it said that SHPC Holdings was looking to sell its full 100% interests in its P&C insurance business, Seeman Holtz Property & Casualty in an auction set for June 04, 2021.