How to Bring a Claim Against Former LPL Financial LLC Financial Advisor Sanders Spangler
Posted on Monday, April 9th, 2018 at 10:14 am
Did you lose money investing with former LPL Financial LLC financial advisor Sanders Spangler (CRD# 4188542) in the high risk energy sector? Spangler has been registered with LPL Financial LLC in San Antonio, Texas from 2005 to March 2017, when he was terminated regarding, “Exercising discretionary power in customer account(s), in violation of Firm policy.”
Over the past few years, oil prices have significantly declined. A supply glut in 2014 and 2015 led to some of the lowest prices the market has seen in recent years. In turn, securities values also dropped. The volatile energy sector experienced significant turmoil, and many energy companies were negatively impacted when global crude oil prices fell below $40 per barrel at the end of 2015. This was the lowest level since early 2009, as supply was in excess of global demand. Oil and gas companies experienced a spike in bankruptcies, which have left many investors reeling.
In March 2017, FINRA barred Spangler after he consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with an investigation into potential unauthorized trading in customer accounts.
Spangler has been the subject of five customer complaints between 2016 and 2017, according to his CRD report:
October 2017. “Over-concentration in energy stocks, account liquidation made without client knowledge; statement alteration by FA.” The case is currently pending.
June 2017. “Unsuitable investments allegedly made without client knowledge.” The customer sought $500,000 in damages and the case was settled for $225,000.
May 2017. “Complainant alleges unauthorized trading, poor performance. Activity period 1/1/12 to 5/18/17.” The customer sought $20,000 in damages and the case was settled for $20,000.
April 2017. “Complainant alleged the investor used discretion in the account and alleges those investments resulted in poor performance. Activity period: 10/9/09-4/10/17.” The customer sought $100,000 in damages and the case was settled for $40,000.
March 2016. “Complainant alleges poor performance. Activity period: 3/9/16-6/16/16.” The customer sought $500,000 in damages and the case was settled.
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, LPL Financial LLC may be liable for investment or other losses suffered by Spangler’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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.