Seeman Holtz faces lawsuit, places belongings up for public sale – Insurance United States

Seeman Holtz faces lawsuit, places belongings up for public sale – Insurance United States

In response to the go well with, buyers have been knowledgeable that Seeman Holtz was present process monetary issues and that the notes couldn’t be instantly paid for.

“Seeman Holtz, which was not registered as a broker-dealer with the State of Florida, US Securities and Trade Fee or the Monetary Business Regulator Authority, offered the notes to the plaintiffs,” attorneys representing the plaintiffs mentioned. “The notes are unregistered securities. Messrs. Seeman and Holtz managed and management Seeman Holtz and likewise handle and management PL Holding, the managing member of the PL Entities.”

The attorneys went on to say that Seeman Holtz offered the notes to seniors, telling them that the notes have been “secure and safe,” and that they might be collateralized by a portfolio of life insurance insurance policies which would offer “security of principal and substantial returns.” Nevertheless, the seniors didn’t obtain any returns on their funding – a lot of them allegedly invested their life financial savings with Seeman Holtz.

“Upon data and perception,” the go well with mentioned, “these representations have been materially false and deceptive.”

When it comes to the corporate’s monetary woes, BocaNewsNow.com reported that the agency acquired $4,269,400 in Paycheck Safety Program (PPP) funds on April 07, 2020, primarily based on public data. The corporate’s founder, Marshal Seeman, additionally simply listed his Boca Raton residence on the market, priced at $8,650,000.

In the meantime, a discover of public sale for “sure private property” of Seeman Holtz Property and Casualty (SHPC) Holdings was posted on the web site of Rock Creek Advisors. Within the discover, it mentioned that SHPC Holdings was seeking to promote its full 100% pursuits in its P&C insurance enterprise, Seeman Holtz Property & Casualty in an public sale set for June 04, 2021.

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Seeman Holtz faces lawsuit, places belongings up for public sale
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