The Securities and Exchange Commission (SEC) has filed suit and obtained Final Judgement against The Spangler Group, Inc. (“Spangler Group”) and Mark Spangler, a Seattle, Washington investment adviser who allegedly defrauded clients by secretly investing them in Mr. Spangler’s risky start-up companies. Mr. Spangler also allegedly used client money for his own benefit even though the investments were inconsistent with the investment strategies he had promised his clients and contrary to his clients’ stated investment objectives.
According to the SEC Mr. Spangler and the Spangler Group raised over $56 million for several private funds that Mr. Spangler created and owned. The SEC claims Mr. Spangler advised that the funds would invest in publicly traded securities, but instead he liquidated the private funds positions, and funneled the proceeds primarily to two private companies for which Mr. Spangler served as Chairman and, at times, Chief Executive Officer. Continue reading →