- July 31, 2018
- LPL Financial
- Broker Discipline
- Sanction
- Unauthorized Trading
The Wolper Law Firm, P.A. is currently investigating claims against Sanders Spangler, a Financial Advisor at LPL Financial in San Antonio, Texas. Damian Mamane has been in the securities industry since the 2000 and previously worked for Edward Jones.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on March 26, 2018, Sander Spangler was censured by FINRA for failing to respond to its request for information concerning customer allegations against Sanders Spangler for unauthorized trading. Sanders Spangler was indefinitely barred by FINRA from associating with any brokerage firm.
The FINRA investigation was the culmination of several notable reported events for Sanders Spangler. In February 2017, he was discharged by LPL for allegedly engaging in unauthorized trading. After his termination, five (5) customer complaints were filed against Sanders Spangler for, among other things, unauthorized trading, forger and unsuitability. Four of these matters were settled for $850,000, $225,000, $20,000 and $40,000.
https://brokercheck.finra.org/individual/summary/4188542#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. In addition, Financial Advisors must first obtain authorization from their customers before placing trades in a customer account. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Sanders Spangler, and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.
Attorney Matthew Wolper
Matt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]