March 2018-San Antonio, Texas
On March 26, 2018, former LPL Financial stockbroker Sanders Spangler was permanently barred from the securities industry by the Financial Industry Regulatory Authority (FINRA).
In connection with a FINRA investigation into potential unauthorized trading in five customers’ accounts, FINRA requested that Spangler appear for on the record testimony pursuant to FINRA Rule 8210. Spangler acknowledged receiving the request and stated that he will not cooperate with the investigation.
By refusing to appear for on the record testimony Spangler violated FINRA Rules 8210 and 2010 and was barred from associating with any FINRA member in any capacity.
The FINRA records of Sanders Spangler disclose 1 pending and 4 prior customer disputes, including:
- August 2017-a customer of LPL Financial alleged unauthorized trading, poor account performance from 1/2012-5/2017. The case was settled for $20,000.
- July 2017-a customer of LPL Financial alleged that discretion was used in the account resulting in poor performance for the period from 10/2009-4/2017. The case was settled for $40,000.
- June 2017-a customer of LPL Financial alleged poor investment performance for the time period of 3/9/16-6/16/16 and claimed damages of $500,000. That case was settled for $500,000
- December 2017-a customer of LPL Financial alleged unsuitable investments made without client knowledge and damages of $100,000-$500,000. That case (FINRA Case 17-1513) was settled for $225,000.
In currently pending FINRA case 17-02661 a customer of LPL is alleging that Spangler over concentrated their accounts with energy stocks and that the account was liquidated without the client’s knowledge. In addition the customer alleges that Spangler altered monthly statements. Damages are unspecified.
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. ” Spangler had worked for LPL Financial since 10/2005.
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. Call for a no charge consultation.
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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