According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Michael Patrick Spolar was accused of exercising discretion in at least 6 customer accounts that were unrelated, non-discretionary accounts. LPL terminated him when they discovered this activity, as it is against securities laws and regulations. Spolar did not execute the transactions in question on the same day that he discussed strategy and details of the transactions with the customers. He also did not have the required prior written authorization from customers or prior written approval from his firms to exercise discretion in the accounts. This occurred between February 28, 2013 and April 13, 2015. For this, he was suspended from the industry for one month.
Spolar was previously registered with Lehman Brothers in New York, New York from December 1991 until July 1993, Citigroup Global Markets in New York from July 1993 unil September 2005, Merrill Lynch in Pepper Pike, Ohio from September 2005 until October 2008, Morgan Stanley in Beachwood, Ohio from October 2008 until June 2009, Morgan Stanley in Pepper Pike from June 2009 until March 2013 and LPL Financial in Beachwood from February 2013 until May 2015. He is currently registered with International Assets Advisory in Orlando, Florida and has been since April 2015. He has eight customer disputes against him, two of which are currently pending. If you would like to speak to an attorney about your losses with LPL Financial and Michael Spolar, please call our Chicago-based law offices at 312-332-4200 today for a free consultation with an attorney. There is no obligation. We may be able to bring a claim against the firm in order to recover your investment losses on a contingency fee basis.
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