Former Stock Trader Indicted for Stealing Money From Friends

A former New York stock trader has been indicted for allegedly stealing millions of dollars from his friends by convincing them he would invest their money for them.

The trader, David Holzer, is accused of persuading six of his friends to entrust him with millions of their own money that he promised to invest in real estate and stocks, according to the Manhattan district attorney's office. One of his alleged victims, a wealthy financial adviser, gave him $12 million for investment in upstate real estate ventures that Mr. Holzer instead pocketed.

Another couple from Westchester allegedly gave Mr. Holzer all of the money they won in a lawsuit, more than $1 million, which he spent and invested under his own name.

Mr. Holzer was indicted on grand larceny charges and could face up to 25 years in prison on one of the counts. Mr. Holzer's lawyer could not be reached for comment yesterday evening.