Michael Spolar, A Former Financial Advisors At LPL Financial, LLC And International Assets Advisory, LLC, Has Recently Been Suspended By FINRA And Has Two Pending Customer Complaints Due To Alleged Improper Investment Activities
The Wolper Law Firm is currently investigating claims against former LPL Financial, LLC and International Assets Advisory, LLC Financial Advisor, Michael Spolar.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Michael Spolar has been suspended by FINRA from associating with any brokerage firm for a period of one month and fined, as a result of improper investment activities.
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, wrote personal checks to cover the losses.
In addition, according to FINRA’s records, Michael Spolar has a long history of customer complaints—ten (10) 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
Brokerage firms are required by regulation to supervise the Financial Advisors they employ. The failure of a brokerage firm to properly supervise its Financial Advisors imposes liability on the brokerage firm for investment losses caused by the Financial Advisor’s misconduct.
If you or someone you know was a customer of Michael Spolar at either LPL Financial, LLC and International Assets Advisory, LLC, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@67.43.6.64 to discuss your specific situation and the legal options available.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
