February 2019 – Calabasas, CA
According to publicly available records John William Spach (CRD#2731192) , a previously registered stockbroker who was last employed by Kestra Investment Services, LLC disclose a recent regulatory sanction, a $450K settlement with a customer and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In 2/2019, FINRA permanently barred Spach from the securities industry to resolve allegations that he failed to cooperate with a FINRA investigation.
In 4/2018, a customer of NFP Retirement, Inc., a previous employer of Spach, was paid $450,000 to resolve allegations that Spach recommended that the customer invest in a promissory note that subsequently went into default.
Spach was employed with NFP Retirement Inc., from April 2013 until July 2014 when he was discharged. NFP made the following allegations on Spach’s FINRA record: “violations from commingling client assets with his own personal assets, breach of fiduciary duty (to include unsuitable investment advice, material misstatements, and failure to disclose material conflict of interest), circumvention of compliance policies and procedures, and operational systems and procedures of the third-party custodian, and affirmative misrepresentations to the firm. “
He was employed by Kestra from 8/2014-6/2018. He discloses a business affiliation with Spach Financial Services.
If you have questions about an investment account handled by John Spach, contact us for a no charge consultation to learn about your legal options.
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.
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