SEC Files Civil Action Against Bradley Morgan Holts for Misappropriation of Customer Funds

Litigation release No. 25651/February 27, 2023

Securities and Exchange Commission V. Bradley Morgan Holts No. 1:23-cv-00081 (E.D. Tex. Filed Feb. 27, 2023

The Securities and Exchange Commission filed a civil injunctive against Bradley Morgan Holts from Beaumont, Texas. Holts has been accused of misappropriating funds from customers.

According to the SEC complaint, Holts was affiliated with a Denver broker-dealer and allegedly stole $186,382 dollars from three elderly clients. He deceived the investors by falsely claiming to invest their money into mutual funds. Holts instead used the money for personal expenses like clothing, tanning, adult and online dating websites, divorce lawyers and tanning.

Holts is accused of violating anti-fraud provisions of Securities Act of 1933, Securities Exchange Act of 1935, and SEC complaint filed at the United States District Court of Eastern District of Texas. The SEC wants permanent injunctions and disgorgement with prejudgment-interest of any ill gotten gains. It also wants a civil penalty.

Kimberly S. Steckling conducted the SEC’s probe under Ian S. Karpel. Nicholas P. Heinke and Jason J. Burt were in charge. Leslie J. Hughes is leading the litigation and Gregory A. Kasper supervises it.

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SEC: What You Need to Know

Securities and Exchange Commission, or SEC for short, is the regulatory agency of the United States. It oversees and enforces securities laws. Its main mission is to protect and promote investors, ensure fair and efficient markets and facilitate capital formation. This is achieved by the SEC regulating securities firms, such as stock exchanges and broker-dealers. It also regulates investment advisers and mutual funds. The SEC also requires that companies provide investors with accurate and timely information, in order to ensure transparency and prevent fraud. The SEC is empowered to investigate and prosecute violations under securities laws, impose penalties, and enforce compliance. SEC’s role is critical in maintaining integrity and stability in the U.S. market.

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