The investment fraud attorneys at Gana Weinstein LLP have been investigating previously registered broker Sanders Spangler (Spangler). According to BrokerCheck Records kept by the Financial Industry Regulative Authority (FINRA), In February 2017, LPL Financial LLC (LPL Financial) terminated Spangler for executing unauthorized trades in non-discretionary customer accounts. Shortly after, in March 2018, FINRA barred Spangler from financial industry due to Spangler’s failure to appear to an on-the-record testimony regarding the unauthorized trade allegations against Spangler at LPL Financial. By failing to appear to the testimony, Spangler was in violation of FINRA Rules 8210 and 2010. Without admitting or denying the findings, Spangler consented to the sanction and to the entry of findings. However, the extent of which Spangler executed unauthorized trades is still unclear.
Spangler has also been subject to six customer disputes within the past two years. Two of these disputes are still pending.
In March 2018, Spangler’s ex-wife alleged that Spangler was forging her account documents. This dispute is currently still pending.
In October 2017, a customer alleged that Spangler was over-concentrating the customer’s investments in risky energy stocks. In addition, the customer alleged that Spangler has liquidated the account without permission from the customer. This dispute is currently still pending.
In June 2017, a customer alleged that Spangler instigated unsuitable, unauthorized trades in a non-discretionary customer account without the customer’s knowledge or permission. The case settled for $225,000. Continue Reading