A former Olympian with a unique family background has once again been hit with insider trading charges, according to the securities regulator.
Charles “Rusty” Holzer, who settled charges with the Securities and Exchange Commission (SEC) last year for options trades made based on insider information, is now facing new allegations. The SEC claims that Holzer failed to disclose additional profitable trades he made using offshore vehicles in the Cayman Islands.
As part of the settlement for the new charges, Holzer has agreed to pay fines totaling approximately $1.7 million. This comes on top of the nearly $1-million fine he previously paid and a lifetime ban from serving as an officer or director of a publicly-traded company.
Gurbir Grewal, director of the SEC’s division of enforcement, described Holzer as a “serial insider trader” and emphasized the need for strong penalties to deter others from engaging in similar conduct.
Holzer, who resides in Wellington, Florida, is the founder of Worth Capital Holdings and comes from a wealthy background. His late-father, Leonard Holzer, was a notable real estate developer, while his mother, “Baby” Jane Holzer, was a fashion icon of the 1960s and a close friend and muse of Andy Warhol.
In addition to his involvement in the business world, Holzer also has a notable athletic background. He represented the Virgin Islands in the equestrian individual jumping event at the 1992 summer Olympics in Barcelona. His wife, Ashley Holzer, achieved a bronze medal for dressage at the 1996 Olympics in Seoul while representing Canada.
Outside of his legal troubles, Holzer and his wife recently sold an oceanfront mansion in Palm Beach, Florida, for $25 million, as reported by the Real Deal.
