The co-founder of Boca Raton-based Seeman Holtz Financial Advisors has died by suicide – as the company faces a class-action lawsuit over allegations of defrauding senior clients.
According to a spokesperson for Seeman Holtz, co-founder Eric Holtz took his life on June 11. BocaNewsNow.com reported that, based on public records, Holtz owned a $2 million home in Sea Ranch Lakes in Broward County. It was not immediately clear where his body was found.
Eric Holtz’s death comes shortly after a class action was filed June 07 in South Florida federal court – one of several similar other lawsuits – which allege that Seeman Holtz sold securities to senior clients without licenses or external controls, but that the company was unable to pay money due when the notes matured.
A representative for the firm explained in a statement that Eric Holtz’s death had nothing to do with the June 07 lawsuit.
“There is no indication that Eric’s tragic passing is in any way related to this filing,” the Seeman Holtz representative told Reuters, adding that the company only learned of the lawsuit on June 14.
Seeman Holtz had claimed that it was unable to pay back investors because it was undergoing financial issues. Amidst the lawsuits, the firm had put its P&C insurance business, Seeman Holtz Property & Casualty, up for auction.
Attorney Scott Silver, who represents several of the plaintiffs, told Reuters that his team has spoken to almost 100 investors who experienced being denied payment. The attorney also said that the plaintiffs altogether represent over $100 million invested in the Seeman Holtz securities – though Silver believes the actual amount is much larger.