Michael Spolar, formerly of International Assets Advisory, Suspended One Month from Securities Industry
Have you lost money with financial advisor Michael Spolar of Beachwood, Ohio? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Michael Patrick Spolar. FINRA suspended Spolar from the securities industry for one month regarding allegations that he reimbursed a customer for investment losses without notifying his former brokerage firm, International Assets Advisory. In particular, the customer lost money investing in options.
Michael Spolar was a financial advisor and registered representative of International Assets Advisory from April 2015 to November 2017. He was also affiliated with LPL Financial from February 2013 to April 2015. He worked at branch offices in Beachwood and Solon, Ohio. Spolar has also been the subject of 10 customer complaints (many alleging unsuitable investments in stocks), and he also filed for bankruptcy in late 2015. Spolar was also terminated by LPL Financial in April 2015 for allegations that he engaged in discretionary trading in violation of firm policy.
Brokerage firms like International Assets Advisory have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Ohio and throughout the Beachwood Bay area. Attorney David Neuman is licensed to practice law in Ohio. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including International Assets Advisory and LPL Financial.
Click to view: Spolar, Michael FINRA AWC
Click to view: Spolar, Michael BrokerCheck 6.8.18
If you lost money with Michael Spolar, LPL Financial, or International Assets Advisory, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.