Sanders Spangler & LPL Financial – Securities Investigation

Sanders SpanglerSanders Spangler Barred from Securities Industry

The White Law Group is investigating potential claims involving Sanders Spangler and LPL Financial in San Antonio, TX.

According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred Sanders Spangler from the securities industry in connection with an investigation into potential unauthorized trading in five customers’ accounts.

Spangler was asked by FINRA to give on-the-record testimony relating to the investigation, but has refused, according to FINRA’s Letter of Acceptance, Waiver and Consent. In doing so, he is in violation of FINRA rules and has been barred from the securities industry.

Sanders Spangler was registered with LPL Financial in San Antonio, Texas from October 2005 until he was reprotedly fired last month for ”Exercising discretionary power in customer account(s), in violation of Firm policy,” according to his FINRA BrokerCheck report.

There are 6 disclosures listed on Spangler’s broker report, including 5 customer complaints. 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 the liability LPL Financial may have for failure to properly supervise its employee, Sanders Spangler.

Brokerage firms have a responsibility to monitor their brokers and ensure that investments recommendations are in the clients’ best interest. When brokers break laws or violate FINRA Rules, the firm they work for can be held liable for failure to supervise and responsible for investment losses.

If you suffered losses investing with Sanders Spangler and LPL Financial, the securitiea attorneys at The White Law Group may be able to help you recover your losses by filing a FINRA arbitration claim. For a free consultation with a securities attorney please call 888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, visit www.whitesecuritieslaw.com.

 

 

 

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