Public records published by the Financial Industry Regulatory Authority (FINRA) on July 18, 2018 indicate that Florida-based International Assets Advisory broker/adviser Michael Spolar has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Spolar (CRD# 2192992).
Michael Spolar has spent 25 years in the securities industry and has been registered with International Assets Advisory in Orlando, Florida since April 2015. Previous registrations include LPL Financial in Beachwood, Ohio; Morgan Stanley in Pepper Pike, Ohio; Morgan Stanley & Company in Beachwood, Ohio; Merrill Lynch in Pepper Pike, Ohio; Citigroup Global Markets in New York, New York; and Lehman Brothers in New York, New York. He is a registered broker and investment adviser with ten US states: Florida, Idaho, Indiana, Massachusetts, Missouri, North Carolina, Ohio, Pennsylvania, Texas, and Wisconsin.
According to his BrokerCheck report, he has received six customer complaints, two pending customer complaints and one FINRA sanction.
In May 2017 FINRA sanctioned him following allegations he “exercised discretion in customers’ accounts that were non-discretionary accounts, since Spolar did not obtain written authorization from these customers to exercise discretion in their accounts and his member firms did not approve these accounts for discretionary trading.” FINRA’s findings state further: “while Spolar was a registered representative at a firm, he stated that he discussed strategy with these clients, including the specific securities and quantities to be purchased, and that he received verbal authority for the trades. However, on at least some occasions, Spolar executed the transactions in the days following receipt of verbal authority. Such activity was prohibited at the firm, and when the firm discovered the activity he was terminated. The findings also stated that after Spolar was registered with his new firm, he continued to exercise discretion in customer accounts. Spolar admitted to exercising discretion in customers’ accounts at the firm, including customers’ accounts that he had exercised discretion in at his previous firm.” He was issued a one-month suspension.
In March 2017 a customer alleged Michael Spolar, while employed at LPL Financial, recommended unsuitable investments. The customer is seeking $101,000 in damages in the pending complaint.
In December 2016 a customer alleged Michael Spolar, while employed at LPL Financial, recommended unsuitable investments. The customer is seeking $115,000 in damages in the pending complaint.
In 2016 a customer alleged Michael Spolar, while employed at International Assets Advisory, recommended unsuitable investments and executed unauthorized trades. The complaint settled for $40,000.
In 2015 he was terminated from LPL Financial following allegations he exercised discretion in customer accounts in breach of firm protocol.
In 2009 a customer alleged he, while employed at Merrill Lynch, misrepresented and recommended unsuitable investments. The complaint settled for $450,000.
If you or someone you know has lost money investing with Michael Spolar, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.