Goodman & Nekvasil P.A, May Recover Investor Losses | Michael Spolar – Financial Advisor Michael Spolar Discharged from LPL Financial, LLC
Michael Spolar CRD #2192992
From 2013 until Michael Spolar’s firing in 2015, Michael Spolar was licensed with LPL Financial, LLC. Michael Spolar is now licensed with International Assets Advisory, LLC. According to FINRA’s records, Michael Spolar was fired by LPL Financial, LLC on April 13, 2015. LPL Financial, LLC reported to FINRA that Michael Spolar’s firing was related to discretionary trading in brokerage accounts in violation of LPL Financial, LLC policy.
Following Michael Spolar’s resignation from LPL Financial, LLC, FINRA investigated Michael Spolar and brought a disciplinary action against Michael Spolar. Michael Spolar consented to a 1-month suspension from the securities and investment banking industry. Michael Spolar also consented to findings that Michael Spolar exercised discretion in customers’ accounts that were non-discretionary accounts, since Michael Spolar did not obtain written authorization from these customers to exercise discretion in their accounts and his member firms did not approve these accounts for discretionary trading. The findings stated that, while Michael Spolar was a registered representative at a firm, Michael Spolar stated that he discussed strategy with these clients, including the specific securities and quantities to be purchased, and that he received verbal authority for the trades. However, on at least some occasions, Michael Spolar executed the transactions in the days following receipt of verbal authority. Such activity was prohibited at the firm, and when the firm discovered the activity he was terminated. The findings also stated that after Michael Spolar was registered with his new firm, he continued to exercise discretion in customer accounts. Michael Spolar admitted to exercising discretion in customers’ accounts at the firm, including customers’ accounts that he had exercised discretion in at his previous firm. Michael Spolar again stated that his practice was to discuss strategy with the clients, including the specific securities and quantities to be purchased, and receive verbal authority for the trades. Again, on at least some occasions, Michael Spolar admitted to executing the transactions on dates following receipt of verbal authority.
According to FINRA’s records, two arbitration claims have been filed involving Michael Spolar’s conduct while Michael Spolar was with International Assets Advisory, LLC and/or LPL Financial, LLC. These arbitration claims allege unsuitable and unauthorized investments which caused losses, unauthorized trading, and/or recommendation of unsuitable stocks. These two arbitration claims settled for $140,000 and $40,000. FINRA also reports of four other settlements involving Michael Spolar’s conduct. The largest of these settlements were for $2,550,000 and $450,000, and Michael Spolar made a monetary contribution to at least one of these four settlements.
FINRA also reports that two arbitration claims involving Michael Spolar’s conduct while Michael Spolar was with LPL Financial, LLC are currently pending. These claims allege recommendations of unsuitable stocks and/or unauthorized trades. These two arbitration claims seek damages of $101,000 and $115,000.
If you lost any money on investments with Michael Spolar, you may be able to recover your losses from International Assets Advisory, LLC and/or LPL Financial, LLC. This is because International Assets Advisory, LLC and LPL Financial, LLC had a duty to supervise Michael Spolar.
If you lost money on investments with Michael Spolar and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against International Assets Advisory, LLC and/or LPL Financial, LLC concerning Michael Spolar’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $170 million on behalf of victimized investors. If you lost money on investments with Michael Spolar and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
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