Former Wells Fargo broker Shane Springman was recently discharged for alleged
firm and industry rule violations connected to borrowing money from two
separate clients. Springman is not currently registered with a FINRA member firm.
During his 21-year-long career in the securities industry, Springman worked
for various firms in addition to Wells Fargo, including UBS Financial
Services, Citigroup Global Markets, and Merrill Lynch. The investment
loss attorneys at Meyer Wilson are interested in speaking to people who
have complaints regarding Mr. Springman.
According to Shane Springman's
FINRA report, a customer dispute filed in December 2017 states that he allegedly borrowed
money from a customer, promising to pay it back with interest. The customer
alleged that Springman did not repay the loan; the dispute was ultimately
settled for over $43,000. As a result of the allegations, he was terminated
from Wells Fargo in March 2018 for allegedly violating firm and industry rules.
Additionally, Woodbridge LTD Partnership filed a civil judgment/lien against
Springman for $3,182.41 in 2016 which remains outstanding.
Have You Lost Money While Investing With Shane Springman?
Under FINRA rules, brokers are prohibited from borrowing money from customers
unless they receive prior written approval from their firm and certain
conditions are met. And when individuals do loan money to a broker, there's
an expectation that the broker will act with the best interest of the
client in mind, and that the money will be repaid along with any agreed
upon interest. Unfortunately, borrowing money from clients often sets
the stage for broker misconduct and significant investor losses. If you
loaned money to Shane Springman, you may be able to file a claim and recover
The investment loss attorneys at Meyer Wilson would like to hear from people
who loaned money or suffered other losses while working with Shane Springman.
Give our office a call today at (888) 390-6491
for a case evaluation.