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Former LPL Financial And International Asset Advisory Broker, Michael Spolar, Suspended By FINRA For Fifteen Months

Michael Spolar (CRD 2192992) was a Financial Advisor at LPL Financial in Beachwood, Ohio from 2013-2015 and International Assets Advisory in Orlando, FL from 2015-2017.  Michael Spolar was in the securities industry since 1991 and previously worked for Morgan Stanley and Merrill Lynch. 

The Wolper Law Firm previously reported that that Michael Spolar was the subject of an investigation by the Financial Industry Regulatory Authority (FINRA).  FINRA’s investigation was initiated as a result of improper recommendations Michael Spolar made to clients regarding the purchase of options.  When some of the transactions resulted in losses, Michael Spolar, in violation of industry rules, allegedly wrote personal checks to cover the losses.  This investigation resulted in a one-month suspension. 

On July 26, 2019, FINRA entered a second sanction against Michael Spolar.  According to the second FINRA sanction, “Spolar consented to the sanction and to the entry of findings that he exercised discretion in placing trades in customers’ accounts without the customers having given him written authorization, and the customers’ accounts had not been accepted by his member firm as discretionary. The findings stated that Spolar mismarked the trades as unsolicited and submitted falsified Unsolicited Options Letter forms to his firm in connection with the trades.” 

For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2018057366101%20Michael%20P.%20Spolar%20CRD%202192992%20AWC%20sl.pdf

In addition, according to FINRA’s records, Michael Spolar has a long history of customer complaints—thirteen (13) customer complaints in total—involving allegations of unsuitable investment recommendations, breach of fiduciary duty and unauthorized trading.  A history of Michael’s pending and resolved claims are as follows:

  • March 2018—Pending complaint with a customer regarding unsuitable trading on margin
  • December 2017—Pending complaint with a customer regarding unsuitable trading on margin
  • March 2017—Complaint for unauthorized trading with alleged damages of more than $100,000
  • August 2016—Complaint for unauthorized trading with alleged damages of $350,000
  • January 2016—Complaint for unsuitable investments and that new account documentation was forged with alleged damages of more than $100,000
  • December 2015—Complaint for unsuitable investments and unauthorized trading with alleged damages of more than $160,000
  • September 2009—Complaint for misrepresentation and unsuitable investments with alleged damages of $2 million
  • September 2003—Complaint for unsuitable investments with alleged damages of more than $500,000

For a copy of Michael Spolar’s CRD, click https://brokercheck.finra.org/individual/summary/2192992#disclosuresSection.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. 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.

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, 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.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.

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