Fitapelli Kurta Alleges Financial Advisor David Holz Concentrated 95% of a 91-Year-Old Widow's Portfolio in Puerto Rican Bonds

NEW YORK, Sept. 06, 2017 -- Attorney Jonathan Kurta announces that Fitapelli Kurta recently filed a customer complaint before the Financial Industry Regulatory Authority, or FINRA, against RBC Capital Markets, LLC and Stifel Nicolaus & Co. Inc. concerning financial advisor David Holz.  The arbitration claim concerns allegations that Mr. Holz’s concentrated nearly an entire family in Puerto Rican bonds.  According to partner Jonathan Kurta, “The numbers in this case are concerning.  For example, our client, a 91 year old widow, had approximately 95% of her portfolio in Puerto Rican debt, which cannot be justified under any circumstances.”

David Holz has been registered with Stifel Nicolaus & Co. Inc since April, 2013 and, prior to that, was registered with RBC Capital Markets, Inc. in Boca Raton, Florida.   The arbitration case concerns allegations of wrongdoing at both firms.  Prior to being registered at those firms, David Holz was associated with six other brokerage firms, all of which are currently out of business and, at least one of which, was expelled from the securities industry.  According to Jonathan Kurta, “The allegations against Mr. Holz are not isolated.  He is already the subject of several customer complaints with nearly the same allegations, that he concentrated his client’s portfolio in Puerto Rican debt.”

Client portfolios need to be well balanced to reflect each individual investors’ unique financial situation.  According to Jonathan Kurta, “Financial advisors must consider an investors’ age, risk tolerance, and complete financial situation before recommending any trading strategy.”  Regardless of a client’s financial situation, it is almost universally inappropriate to concentrate a client’s portfolio in one type of security, such as Puerto Rican debt, explains Mr. Kurta.

Jonathan Kurta is a partner of Fitapelli Kurta, a national law firm, that focuses exclusively on representing investors before FINRA, or the Financial Industry Regulatory Authority.  Over the last several years Mr. Kurta and his firm have prosecuted a number of claims involving the Puerto Rican debt crisis. If you would like to know more about this case, please contact Jonathan Kurta at 212-658-1502 or [email protected].  

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