Imagine entrusting your hard-earned savings to a financial advisor, only to have your nest egg reportedly shattered by an investment loss soaring above $700,000. This seems to be the troubling story that unfolded in Fair Oaks, California. The protagonist? A financial advisor by the name of Shawn Spellacy (CRD# 2275119), as alleged in a recent investor complaint against him.
The Financial Industry Regulatory Authority (FINRA) annals register him as a broker and an investment advisor representing Calton & Associates. But is it possible that some troubling episodes lie behind the veil of credentials? Let’s delve into the records.
BrokerCheck Disclosures: A Trilogy of Complaints
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The plot thickens upon the perusal of Mr. Spellacy’s BrokerCheck report, revealing a trilogy of investor disgruntlement:
- The most recent chapter, penned in June 2023, points to an accusation of recommending risky and unsuitable investments. This pending complaint currently sits at a hefty damage allegation of $719,415.
- A detour into our protagonist’s past reveals a complaint filed in 2012. As a Calton & Associates representative, the investor believed Spellacy had misrepresented and omitted material facts, breaching the sacred fiduciary duty. The charge even included alleged violations of California law and industry conduct rules. After an entire year, in 2013, the complaint was settled at a sum of $99,999.
- The origin story dates back to 2009 with allegations of fiduciary duty breaches, material facts misrepresentations, and lack of due diligence involving a 1031 exchange. This inaugural grumble was resolved with a settlement of $50,010.
A Financial Veteran With a Tarnished Shield?
Spellacy isn’t a novice in the financial battlefield. The Financial Industry Regulatory Authority records highlight his 30 years of securities industry experience. He’s been a trusted advisor since 1999 and 2004 with Calton & Associates. His financial combat record includes a stint with Fortis Investors from 1994–1999 and with GR Phelps & Company from 1993–1994.
His armory brags of seven passed securities industry qualifying exams. These include Series 6, 7, 24, 26, 63, and 65 and the Securities Industry Essentials Examination. Furthermore, he holds licences across 16 states, including Arizona, California, and Connecticut, all the way to Washington. But what good is a shield if it fails to protect those who rely on its holder?
Haselkorn & Thibaut, a law firm specializing in investor claims against financial advisors and investment firms, can potentially help those who believe they were victims of undesirable investment loss. If you or a loved one find this scenario all too familiar, please reach out at 1-800-856-3352 or fill out our contact form for a free and confidential consultation.
