Sanders Spangler Investigation
November 2021-San Antonio, Texas
The FINRA records of Sanders L. Spangler , a former stockbroker who was once employed by LPL Financial disclose a regulatory matter, 6 prior customer disputes 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.
Spangler Barred From Securities Industry
On March 26, 2018, Sanders Spangler was permanently barred from the securities industry by the Financial Industry Regulatory Authority (FINRA) for refusing to appear for on the record testimony in connection with an investigation into potential unauthorized trading in customer accounts pursuant to FINRA Rule 8210. Spangler acknowledged receiving the request and stated that he would 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.
Spangler Customers Settle Arbitration Suits
Spangler discloses settlement of the following cases:
- December 2019-FINRA Case 18-2778- an LPL Financial customer suspected forgery of account documents. That matter was resolved for $110,000.
- July 2018-FINRA Case 17-2661- an LPL Financial customer alleged over concentration of energy stocks made without client knowledge and alteration of statements. That case settled for $850,000.
- 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 the account was traded without authority 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 $50,000
- December 2017-a customer of LPL Financial alleged unsuitable investments made without client knowledge and damages of $100,000-$500,000. That case was settled for $225,000.
In February 2017 Spangler was discharged by LPL Financial who 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.
Do You Have a Problem With An Account Handled by
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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