Former LPL Financial Broker Sanders Spangler Pulls a No-Show in Regulatory Investigation, Gets Barred by FINRA
Former LPL Financial broker Sanders Spangler was recently barred by FINRA for failing to appear at a hearing. In connection with an investigation into potential unauthorized trading in five customers' accounts, FINRA sent a request to Spangler on February 21, 2018 for on-the-record testimony. He indicated he would not cooperate.
Spangler was terminated from LPL Financial in February 2017 for exercising discretionary power in customer accounts in violation of firm policy.
As a result of his unethical actions, some customers filed complaints against him. According to his BrokerCheck report, allegations claim that during his 11 years working as an LPL advisor, Spangler has been the subject of five customer disputes. Four have been settled, and one is currently pending.
Did You Suffer Financial Losses While Working with Sanders Spangler?
Under FINRA rules, brokers like Spangler are prohibited from exercising discretionary power and trading on behalf of clients without proper authorization. When brokers make sales or purchases on behalf of clients without prior written discretionary authority from the customer to complete transactions in the account, they may be subject to disciplinary actions from FINRA or the Securities and Exchange Commission. Additionally, the firms they work for may be able to be held liable for damages.
If you suffered financial losses while working with Sanders Spangler, Meyer Wilson would like to hear from you. Give our office a call at (888) 390-6491 to discuss your legal options today.