Michael Spolar– Discretion in Customer Accounts

Ponzi scheme recovery attorneysMichael Patrick Spolar, Purportedly While Registered with LPL, Allegedly Exercised Discretion in at Least 6 Customer Accounts that Were Unrelated, Non-discretionary Accounts

Michael Patrick Spolar, purportedly while registered with LPL, and between February 28, 2013 and April 13, 2015, allegedly exercised discretion in at least 6 customer accounts that were unrelated, non-discretionary accounts, according to a Complaint from FINRA’s Department of Enforcement currently under review by attorneys Alan Rosca and James Booker.

Peiffer Rosca Wolf securities practice lawyers are investigating investment recovery options on behalf of investors in issues related to Michael Patrick Spolar’s alleged discretion in customer accounts.

Investors who believe they may have lost money in activity related to Michael Patrick Spolar’s alleged discretion in customer accounts are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.

Spolar, of Cleveland, Ohio, was purportedly terminated after his alleged activities were discovered by LPL, the AWC notes. Next, whilst working at IAA, Spotar then allegedly continued to exercise discretion in non-discretionary customer accounts, the AWC reports.

Spolar admitted to allegedly exercising discretion in at least 10 customer accounts at IAA between July of 201 5 and March of 2016, including 4 customers’ accounts that he had allegedly exercised discretion in at LPL, the AWC reports.

Spolar made admissions that he allegedly discussed strategy and details of transactions with customers, but did not always execute said transactions on the same day, the AWC reports.

Spolar allegedly did not have the required prior authorization from customers or prior written approval from his firms to exercise discretion in the accounts, the AWC notes.

Spolar Barred by FINRA; Spolar Allegedly Stated that His Practice was to Discuss Strategy with the Clients, Including the Specific Securities and Quantities to be Purchased and to Receive Verbal Authority for the Trades

Spolar allegedly stated that his practice was to discuss strategy with the clients, including the specific securities and quantities to be purchased and to receive verbal authority for the trades, according to the aforementioned Complaint currently under review by attorneys Alan Rosca and James Booker.

Spolar allegedly did not obtain written authorization from these customers to exercise discretion in their accounts and his firms did not approve these accounts for discretionary trading, the AWC reports.

Hence, based on the aforementioned behavior, Spolar allegedly violated NASD and FINRA Rules and has also consented to the imposition of the following sanctions: a suspension from association with any FINRA member firm in any capacity for one month, the AWC notes.

Michael Patrick Spolar worked, from February 28, 2013 until his termination on April 13, 2015, at LPL, and from April 23, 2015 until the present has been a registered General Securities Rep with International Assets Advisory, LLC, according to the AWC.

One should also note that, according to the AWC, Michael Patrick Spolar neither admitted nor denied the FINRA findings.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged investment fraud or investment-related misconduct and are currently investigating Michael Patrick Spolar’s alleged discretion in customer accounts. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of Michael Patrick Spolar’s alleged discretion in customer accounts may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.

 

Alan Rosca (1180 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.