FINRA Investigates Sanders Spangler for Unauthorized Trading
According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred Sanders L. Spangler (CRD #4188542) in connection with an investigation into potential unauthorized trading in five customers’ accounts.
FINRA staff sent a request to Spangler on February 21, 2018 for on-the-record testimony relating to the investigation. As stated in a telephone call with FINRA Staff on March 15, 2018, Spangler acknowledges that he received FINRA’s request but that he will not appear for on-the-record testimony at any time.
According to Spangler’s FINRA BrokerCheck report, Spangler was registered with LPL Financial in San Antonio, Texas from October 2005 until he was fired last month for ”Exercising discretionary power in customer account(s), in violation of Firm policy.”
Spangler has 5 customer complaints listed on his broker report. Allegations include unsuitable investments, overconcentration in energy stocks, and unauthorized trades, among others.
For FINRA’s full findings see FINRA Case # 2017053526401.
Failure to Supervise
The White Law Group is investigating potential claims involving Sanders Spangler and LPL Financial.
Brokerage firms have a legal responsibility to adequately supervise the business activities of their employees. If a broker engages in a scheme that misleads clients the brokerage firm that employs them may be liable for negligent supervision.
When brokers make unsuitable investment recommendations and squander client funds, the brokerage firm that employs them may be liable for failure to supervise and responsible for investment losses.
If you were a client of Sanders Spangler and LPL Financial and suffered losses, The White Law Group may be able to help you by filing a FINRA arbitration claim. For a free consultation with a securities attorney call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
For more information on The White Law Group, visit www.whitesecuritieslaw.com.
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