LPL Financial Sued For Unauthorized Trading

Sanders Lane Spangler, of San Antonio, Texas, a stockbroker formerly registered with LPL Financial LLC, has been identified in a customer initiated investment related arbitration on June 14, 2017, in which the customer requested $500,000.00 in damages based upon allegations that Spangler effected unauthorized and unsuitable equity transactions in the customer’s account.

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Spangler has been identified in three more customer initiated investment related disputes pertaining to allegations of her misconduct while registered with LPL Financial LLC. In particular, a customer initiated investment related arbitration claim involving Spangler’s conduct was settled on June 27, 2017, for $500,000.00 in damages supported by allegations of poor performance relating to the customer’s mutual fund holdings in 2016.

Moreover, a customer initiated investment related complaint regarding Spangler was settled on July 20, 2017, for $40,000.00 in damages founded on allegations that Spangler exercised discretion in the customer’s account pertaining to limited partnership and direct participation program transactions, causing the customer to sustain investment losses between 2009 to 2016. Further, a customer initiated investment related complaint involving Spangler’s conduct was settled on August 3, 2017, for $20,000.00 in damages based on accusations of poor investment performance and unauthorized trading of equities in the customer’s account.

Spangler has been fired by LPL Financial LLC on February 10, 2017, based upon allegations that she violated the firm’s policies by exercising discretion in customer accounts.

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