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AmextaFinance > Finance > Former Olympian hit with second insider trading charge in a year
Finance

Former Olympian hit with second insider trading charge in a year

News Room
Last updated: 2023/08/02 at 3:26 PM
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A former Olympian whose mother was a muse for artist Andy Warhol, has been hit with insider trading charges for the second time in a year, the securities regulator said. 

Charles “Rusty” Holzer, had settled charges with the Securities and Exchange Commission last year over options trades he made based on insider information ahead of the acquisition of Dun & Bradstreet in 2018. Holzer agreed to pay a nearly $1-million fine and to never serve as an officer or director of a publicly-traded company.

Now, the SEC has filed charges against Holzer again, saying he failed to disclose when he reached last year’s agreement that he had also made similar profitable trades using offshore vehicles he controlled in the Cayman Islands.

The SEC says Holzer has agreed to also settle the new charges and pay fines totalling around $1.7 million.

“Mr. Holzer is a serial insider trader whose conduct merits the stiffest penalties available to the commission,” said Gurbir Grewal, director of the SEC’s division of enforcement. “In this case, a fine equal to three times his illicit trading profits sends a strong deterrent message not just to Mr. Holzer, but also to others who may contemplate engaging in such conduct.”

An attorney for Holzer had no immediate comment.

Holzer, 54, of Wellington, Fla., runs Worth Capital Holdings, a family office built around a fortune made by his late-father, real estate developer Leonard Holzer. His mother, “Baby” Jane Holzer, was a 1960s fashion icon and long-time friend and muse of Andy Warhol, appearing in several of his movies.

Holzer competed in the 1992 summer Olympics in Barcelona in the equestrian individual jumping event for the Virgin Islands. His wife, Ashley Holzer, won a bronze medal for dressage in the 199s Olympics in Seoul, representing Canada.

In April, the couple sold an oceanfront mansion in Palm Beach, Fla., for $25 million, according to the Real Deal.

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News Room August 2, 2023 August 2, 2023
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