October 2017-San Antonio, TX
We recently filed a Statement of Claim with the Financial Industry Regulatory Authority (FINRA) against LPL Financial on behalf of a retired widow from the Austin, Tx , area, alleging that LPL Financial failed to supervise the actions of former San Antonio stockbroker Sanders Spangler. FINRA Case#-17-01513.
The FINRA suit, which seeks damages of between $100,000 and $500,000, alleges that Spangler made unsuitable investments and traded the victim’s IRA account without her knowledge or authority. The subject account was over concentrated with energy securities.
In February 2017 Spangler was discharged by LPL Financial. LPL made the following allegation on Spangler’s FINRA record:
“Exercising discretionary power in customer account(s) in violation of firm policy. “
Sanders Spangler had worked for LPL Financial since 10/2005. As of November 2017, Spangler is not currently registered as a stockbroker with any broker dealer.
Brokers have a responsibility to make suitable recommendations to customers, taking into account their age, net worth, investment experience and risk tolerance. Oil and gas investments can be very risky and over concentrating the account of a retiree in such investments is generally not appropriate.
If you have losses in an account in an account handled by Sanders Spangler , you may be able to recover damages through FINRA arbitration.
Most brokerage accounts are not discretionary accounts, meaning that the broker is required to consult with the customer before making a purchase or sale in the account. To avoid regulatory issues and to comply with firm policy, permission to trade a customer’s account without obtaining the authority from the customer must be granted by the customer to the firm in writing.
Arbitration is an alternative to litigation or mediation in order to resolve a dispute over damages when a customer has suffered losses due to the negligence or fraud of a stockbroker. The process is much more expedient and far less costly than court litigation.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900