Sean Spearman – Financial Advisor Sean Spearman Barred from Securities Industry | Goodman & Nekvasil, P.A. May Recover Investor Losses
Sean Spearman CRD #2945116
Reported by FINRA on May 9, 2014, Sean Anthony Spearman is barred resulting from the following allegations as reported by FINRA:
Sean Spearman was named a respondent in a FINRA complaint alleging that he was required to sell a customer’s holdings because of margin requirements. The complaint alleges that spearman sold shares for several hours that day out of his proprietary account and spearman knew that the price the customer was given did not reflect the market price. By giving the customer less than the market price and less than the amount for which he sold the shares, spearman made a $239,772 profit, excluding the $18,327 commission, at the expense of the customer. Sean Spearman did not disclose to the customer how he handled the trades and the profit he made on the trades. On a later date, spearman sold shares out of a firm account to reduce the customer’s debit balance. He did not sell the shares directly out of the firm account. Instead Sean Spearman bought shares in one of his proprietary accounts and knew or was reckless in not knowing that price was well below the market price. By giving the customer an unfair price, which was significantly less than the market price, and significantly less than the amount for which he sold the shares, spearman made a $45,771 profit, at the expense of the customer. Sean Spearman did not disclose to the customer how he handled the trades and the profit he made on the trades and his failure to disclose how he handled the trades and the profits he made was intentional, or at a minimum, reckless. The facts that spearman failed to disclose to the customer were material and he had a duty to disclose those facts. The complaint also alleges that spearman executed customer orders for an exchange traded security by selling to or buying from the street in his account and completing the trade with the customer from that account at a price that gave him a profit. In each situation, spearman did not disclose any of the markups or markdowns to his customer or the firm. Spearman was not a market maker in the securities being traded, and the trades were contemporaneous and designed to be offsetting. As a result of his conduct, spearman willfully violated section 10(b) of the securities exchange act of 1934 and rules 10b-5 and 10b-10 thereunder.
Goodman & Nekvasil, P.A., a Clearwater, Florida, law firm with a national practice representing victimized investors, continues to investigate brokerage firms that placed elderly retirees and other conservative investors in high-risk investments.
Prior to making recommendations to an individual investor, brokerage firms are required by the Financial Industry Regulatory Authority (FINRA) to disclose all the risks of an investment. Recommendations should only be made if the investment is suitable for an individual investor given their age, investment objections, investment experience and risk tolerance.
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. We would like to discuss the possibility of your retaining our firm to represent you in an arbitration action.
Goodman & Nekvasil, P.A., has filed hundreds of cases against brokerage firms selling high-risk investments and has recovered more than $180 million dollars on behalf of victimized investors. We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives. All our cases are handled on a purely contingency fee basis.
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. Finally, the filing of such a case should not affect your ownership of these investments in any way.
If you incurred losses on your investment with Sean Anthony Spearman 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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