FREDERICK DAVID HOLLOWAY is currently employed as a Broker and/or Investment Adviser at HOLLOWAY & ASSOCIATES, INC. located at ONE MILL PLACE, SUITE 101, 21 NORTH HANSON STREET, SUITE 101, EASTON, MD, 21601.
FREDERICK DAVID HOLLOWAY has worked at HOLLOWAY & ASSOCIATES, INC. since February 15, 1982
Disclosure History
FREDERICK DAVID HOLLOWAY has 2 Disclosure Event(s).
Date: April 02, 2018 Category: Regulatory Initiated By: FINRA Allegations: Holloway was named a respondent in a FINRA complaint alleging that as the sole registered representative and owner of his member firm, he recommended that customers exchange one deferred variable annuity contract (VA) for another without having a reasonable basis for the recommendations. The complaint alleges that Holloway failed to conduct a meaningful comparative analysis of the costs, features, and benefits of the surrendered and newly acquired VAs. In addition, Holloway placed clients whose VA exchanges incurred a surrender charge into a more expensive company VA with a "bonus feature" without considering whether the VA with the bonus feature was in fact suitable. The complaint also alleges that Holloway falsified or inappropriately altered VA transaction paperwork. Holloway had clients sign uncompleted paperwork that he and his assistant filled in later and/or photocopied for use in other transactions. Holloway also forged or directed his assistant to forge client initials to make changes to paperwork. In addition, by modifying the pre-signed forms and forging initials on documents, Holloway caused his firm to create and maintain inaccurate books and records. The complaint further alleges that Holloway directed his assistant to impersonate clients and employees of an insurance company in telephone conversations regarding VA transactions. Holloway himself pretended to be an insurance company employee to obtain information from his clients' medical providers in connection with life insurance sales. In addition, the complaint alleges that Holloway directed his assistant to complete insurance continuing education classes for him so that he could meet his Maryland insurance licensing requirement. Holloway was able to retain his state insurance license and sell variable annuities because his assistant completed continuing education courses. Moreover, the complaint alleges that Holloway filed a Uniform Application for Investment Adviser Registration (Form ADV) in which he willfully made false statements, creating the false appearance that he maintained an active business of providing financial planning services. Section 207 of Investment Advisers Act of 1940 makes it unlawful to willfully make any untrue statement of material fact in any registration application or report filed pursuant to that Act. Furthermore, the complaint alleges that Holloway deliberately withheld most of the documents requested by FINRA until it learned of their existence and confronted Holloway about them, and he altered documents before they were produced to FINRA.
Date: May 20, 1994 Category: Customer Dispute Allegations: THE COMPLAINT ALLEGES VIOLATION OF RICO 18 U.S. CODE SEC. 1961-68, FRAUD, DECEPTIVE TRADE PRACTICES, BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT, NEGLIGENT MISREPRESENTATION AND NEGLIGENCE. Damage Amount Requested: $250,000.00 Broker Comment: THE CLAIM WAS SETTLED IN THE LATTER PART OF 1995. ANY MONITARY COMPENSATION OVER MY $50,000 WAS PAID BY MY ERRORS AND OMISSIONS INSURANCE CARRIER AND I AM NOT SURE OF THE AMOUNT THE INSURANCE CARRIER PAID AS IT WAS TOO LONG AGO TO REMEMBER.
More Information
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