{"id":1066,"date":"2012-05-19T00:09:40","date_gmt":"2012-05-19T00:09:40","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2012\/05\/ex_napfa_chairman_indicted_by"},"modified":"2022-03-10T16:35:16","modified_gmt":"2022-03-10T22:35:16","slug":"ex-napfa-chairman-indicted-by","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ex-napfa-chairman-indicted-by\/","title":{"rendered":"Ex- NAPFA Chairman Indicted by Grand Jury and Sued by SEC For Allegedly Diverting $47.7M of Investors\u2019 Funds Into His Own Start-Ups"},"content":{"rendered":"

\t\t\t\tThe Securities and Exchange Commission has filed a civil lawsuit against former National Association of Personal Financial Advisors Mark Spangler for allegedly bilking clients by secretly investing $47.7 million of their money in two start-ups that he co-founded. These were risker investments than if he had kept their money in the mostly publicly traded securities, which is where he told clients their funds were going. The investment strategy that he actually employed allegedly was not in line with their investment goals and they ended up losing millions. <\/p>\n

Also going after Spangler is the government. A federal grand jury just Spangler indicted him over these allegations. He now faces 23 criminal counts, which include charges of fraud and money laundering. U.S. Attorney Jenny Durkan said the government was working closely with the SEC to make sure that he was held accountable. <\/p>\n

Per the SEC’s complaint, starting around 2003 through 2011, Spangler and his advisory firm The Spangler Group (TSG) started putting most of their clients’ money, which had been in the private investment funds that he managed, into two private technology companies. He did not notify investors of this move. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission has filed a civil lawsuit against former National Association of Personal Financial Advisors Mark Spangler for allegedly bilking clients by secretly investing $47.7 million of their money in two start-ups that he co-founded. These were risker investments than if he had kept their money in the mostly publicly traded securities, […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3741],"tags":[],"class_list":["post-1066","post","type-post","status-publish","format-standard","hentry","category-securities-fraud"],"yoast_head":"\nEx- NAPFA Chairman Indicted by Grand Jury and Sued by SEC For Allegedly Diverting $47.7M of Investors\u2019 Funds Into His Own Start-Ups — Investor Lawyers Blog — May 19, 2012<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission has filed a civil lawsuit against former National Association of Personal Financial Advisors Mark Spangler for — May 19, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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