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Mark David Holt allegedly spent the money on exotic dancers, country club memberships and a criminal defense lawyer.

Twin Cities attorney/ investment adviser/ insurance agent accused of stealing millions from clients

The Minnesota Department of Commerce alleges that Vadnais Heights lawyer Mark David Holt stole millions of dollars from clients, many of whom were elderly and retired.

The state says that from 2007 until last year Holt created fake accounts with the Harbor Investments Inc. name to hold investors’ money for his personal use. The state says Holt stole more than $2 million of his clients’ money, but noted the investigation is ongoing.

He is accused of spending tens thousands of dollars of money on travel, a private country club membership, horses, restaurant bills and even exotic dancers. He also spent $15,000 on a criminal defense attorney. He took money from inheritances, retirement accounts and IRAs and deposited in to sham accounts often with the word “Harbor” in the title.

The Commerce Department put Holt’s investment license under review in 2006 when he was accused of selling unsuitable annuities and mishandling client files.

He was fined $300,000 and prohibited from engaging in any securities-related work. His insurance license was also revoked. Holt pleaded guilty to felony wire fraud. His sentencing is Aug. 14.

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