Sanders Lane Spangler of San Antonio Texas is a stockbroker formerly registered with LPL Financial LLC who has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into accusations of his unauthorized trading in customer accounts. Letter of Acceptance Waiver and Consent No. 2017053526401 (Mar. 26, 2018).
According to the AWC, Spangler was fired by LPL Financial LLC on February 10, 2017, based upon allegations that he exercised discretion in the accounts of LPL Financial customers; conduct violative of LPL Financial policy. The AWC stated that FINRA commenced an investigation into Spangler’s activities, where on February 21, 2018, Spangler was sent a request by FINRA to provide recorded testimony in regard to the accusations of his misconduct referenced by LPL Financial.
The AWC stated that FINRA was eventually contacted by Spangler, where Spangler confirmed with FINRA that he understood what was asked of him but declined to provide recorded testimony in furtherance of FINRA’s investigation into his alleged unauthorized transactions. FINRA found that Spangler’s failure to cooperate in that regard was violative of FINRA Rule 2010 and 8210.
FINRA Public Disclosure confirms that Spangler has been identified in five customer initiated investment related disputes containing accusations of Spangler’s violative conduct during the time that he was associated with LPL Financial. In particular, on September 27, 2017, a customer initiated investment related written complaint involving Spangler’s conduct was settled for $500,000.00 in damages supported by allegations that the customer’s mutual funds had poorly performed between March 9, 2016 and June 16, 2016.
On June 3, 2017, another customer initiated investment related written complaint regarding Spangler’s activities was resolved for $20,000.00 in damages based upon accusations of poor performance of the customer’s equity investments and unauthorized trading in the customer’s account between January 1, 2012 and May 18, 2017. Spangler was then subject of a customer initiated investment related arbitration claim that settled on July 20, 2017 for $40,000.00 in damages founded on allegations that from October 9, 2009 to April 10, 2017, Spangler exercised discretion in the customer’s account, wherein the customer’s direct investment products had poorly performed.
Subsequently, a customer filed an investment related arbitration claim regarding Spangler’s activities where the customer alleged that the customer’s assets were liquidated without the customer’s consent and the customer’s funds were inappropriately allocated in energy sector stock positions. FINRA Arbitration No. 17-02661 (Oct. 10, 2017). Thereafter, a customer initiated investment related arbitration claim involving Spangler’s conduct was settled for $225,000.00 in damages supported by accusations of suitability and unauthorized equity transactions having been effected in the customer’s investment account. FINRA Arbitration No. 17-01513 (Dec. 9, 2017).
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