Over his career, Snyder has had six customer complaints filed against him. Two of those complaints have been resolved and four have been filed in the last year and half and are all currently pending.
The first complaint against Snyder was filed in 2007 and has since resolved. The second complaint was filed in 2009 and related to churning and unauthorized trading. The more recent complaints seem to relate to similar activity. In at least one action, a client alleged that Snyder placed his account in highly leveraged exchange traded funds (ETFs).
An investor should think of an ETF like a mutual fund that trades like a stock. Many investors are attracted to ETFs because of their low cost and the ability to actively trade them. Leveraged ETFs are generally available for most indexes like the S&P 500 and Nasdaq 100. A leveraged ETF does not amplify the annual returns of the index it tracks. Instead it resets daily and therefore the annualized results are often very different from the underlining index.
John Snyder currently has three other customer complaints pending against him with FINRA. One from February 2014, alleged that unsuitable investments and trading. The client is seeking almost $340,000. Another from September 2013 alleging is seeking over $100,000. The third complaint from August 2013, alleged churning, fraud and negligence.
The two complaints that were described earlier, were settled against john Snyder as well, the first in 2009 for churning, unsuitability and misrepresentation settled for $175,000 and another in 2007 alleging “poor performance” settled for $100,000.
Gana LLP‘s investigation is on going. If you or someone you know has lost money as a result of leveraged ETFs, John Snyder, Rockwell Global Capital or Spartan Capital Securities LLC, you may be able to recover your losses. The attorneys at Gana LLP are relentless in their prosecution to help investors recover money from the inappropriate activities of brokers and broker-dealers. We prosecute cases all over the nation on contingency fee basis.