Were you the victim of former Money Concepts Advisory Service broker David Spellman (CRD# 6784263)? He has been registered with LPL Financial LLC in San Antonio, Texas, since 2025. He was registered with Money Concepts Advisory Service in San Antonio, Texas, from 2018 to 2025.
David Spellman Customer Complaints
He has been the subject of two customer complaints between 2020 and 2023, according to his CRD report:
October 2023. “Client is alleging Texas deceptive trade practices account and chapter 541 of the texas insurance code.” The customer sought $250,000 in damages, and the case was settled for $120,000. The complaint took place while he was registered with Money Concepts Advisory Service.
January 2020. “Customer alleges RR recommended product because premiums would be tax deductible; however, through consultation with an independent CPA she later discovered premiums were not deductible for her particular situation. Client states she was given false information to influence in her decision to purchase the policy.” The case was settled for $5,000. The complaint took place while he was registered with Money Concepts Advisory Service.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Money Concepts Advisory Service may be liable for investment or other losses suffered by David Spellman’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
"*" indicates required fields
