Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Eric Hollifield (Hollifield), previously associated with LPL Financial LLC, has at least one disclosable event. These events include one tax lien, alleging that Hollifield recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on September 24, 2024.
The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Eric S. Hollifield (‘Hollifield’ or ‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The commmission finds that on December 12, 2022, a judgment was entered by consent against Hollifield, permanently enjoining him from future violations of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, and Sections 206(1) and 206(2) of the Advisers Act, as set forth in the judgment entered in the civil action entitled Securities and Exchange Commission v. Eric S. Hollifield, Civil Action Number 1:22-CV-00129, in the United States District Court for the Northern District of Georgia. The Commission’s complaint alleged that, during 2020, Hollifield defrauded two advisory clients and one brokerage customer by misappropriating their funds for his personal use, including using $1.7 million of client and customer funds to purchase a home. In certain instances, Hollifield enticed the clients and customer to invest in Century Warehouse, Inc. (‘Century’), an entity Hollifield controlled or otherwise had account authority over, without disclosing his relationship to Century or the conflict of interest the investment presented. Century purportedly provided shipping logistics and warehousing services. According to the complaint, when clients invested in Century, Hollifield often immediately wired a significant portion of investor funds to his own accounts for his personal use. In other instances, the complaint alleges, Hollifield misappropriated client and customer funds through a variety of schemes and used the money to purchase Hollifield’s home.
