Sanders Spangler, a former stockbroker who was registered with LPL Financial since October 2005, discloses an employment termination, 6 prior customer disputes as well as a regulatory matter on his BrokerCheck record. LPL Financial discharged him in February 2017 alleging: “Exercising discretionary power in the customer account(s) in violation of firm policy” on his BrokerCheck record.
FINRA barred him, permanently, from the securities industry on the 26th of March, 2018. He now cannot associate with any member of FINRA in any capacity. This action was taken because of his failure to testify on record in connection with a complaint of unauthorized trading in the account of a customer. Spangler apparently acknowledged the request and made it clear that he would not comply. His refusal placed him in violation of rules 8210 and 2010 of FINRA.
It is a requirement of self-regulating agency FINRA (Financial Industry Regulatory Authority) that brokerage firms, as well as brokers, report disputes, customer complaints, and regulatory sanctions on their BrokerCheck profile. Brokers are also required to report personal financial matters such as bankruptcies, liens, and judgments.
If you are a client of Mr. Spangler, please call us at 1-800-856-3352 for a free review of our portfolio by one of our investment fraud attorneys.
Arbitration suits settled by Spangler
Table of Contents
Details of cases, in order of chronology, that has been disclosed on Spangler’s profile:
June 2017
LPL Financial customer claimed $500K in damages alleging poor performance of his investments between 9th March and 16th June in 2016.
Settlement reached for $50K.
July 2017
LPL Financial customer claimed poor performance in his portfolio between October 2009 and April 2017. This was alleged to be on account of unauthorized trades in the account.
Settlement reached for $40K.
August 2017
LPL Financial customer claimed poor performance between January 2012 and May 2017 resulting from unauthorized trades in the account.
Settlement reached for $20K.
December 2017
LPL Financial customer claimed damages of $100K to $500K alleging Spangler made unsuitable investments without his/ her knowledge.
Settlement reached for $225K.
July 2018 – FINRA Case 17-266i
LPL Financial customer claimed losses on account of concentration in energy stocks without his/ her knowledge. Alteration of statements was also alleged.
Settlement reached for $850K.
December 2019 – FINRA Case 18-2778
Forgery of account documents suspected by an LPL Financial customer.
Settlement reached for $110,000.
Legal support for investors
Have you had dealings with Sanders Spangler in the past?
Are you concerned that you could have suffered on account of unsuitable advice or fraudulent actions of your broker or the brokerage firm? If the answer to either question is a ‘yes’ we recommend you seek expert advice. FINRA makes available an arbitration process through which claims can be pursued.
Brokers are required to make recommendations to their customers that are suitable, keeping in mind their net worth, age, investment experience, and risk appetite. Oil and Gas is a risky sector to invest in. Overconcentration in this sector particularly so. Considering that the investor in the case was a retiree makes it all the more inappropriate.
Haselkorn & Thibaut represents investors nationwide in their efforts at recovering investment losses on account of wrongful acts of their brokers. Most cases are handled on a contingent fee basis; you do not pay legal fees till recovery is made.
We represent investors nationwide and have locations in Florida, Texas, Arizona, North Carolina, and New York. Please call us at 1-800-856-3352 to speak to one of our experienced securities attorneys.
