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U.S. Bars Former California Stock Broker from Securities Industry.(Originated from Contra Costa Times, Walnut Creek, Calif.)
Knight Ridder/Tribune Business News, September, 1997 by Liedtke, Michael
Sep. 10--Federal regulators on Tuesday barred former East Bay stock broker Michael J. Oberholzer from the securities industry in a settlement accusing him of milking the investment accounts of four retired women to generate huge commissions for himself and his firm, Dean Witter Reynolds.
In a civil complaint filed in San Francisco federal court, the Securities and Exchange Commission alleged that Oberholzer engineered a reckless investment strategy designed to maximize his fees at a devastating cost to the women who entrusted him with their money.
The SEC estimated the women -- depicted as unsophisticated investors -- lost $325,000 due to Oberholzer's alleged misconduct. The retirees became Oberholzer's clients while the broker worked in Dean...
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