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Alternative Market Briefing

SEC charges fund manager Mark Spangler with fraud

Friday, May 18, 2012

Bailey McCann, Opalesque New York: The Securities and Exchange Commission (SEC) today charged Seattle-based fund manager Mark Spangler with defrauding clients by secretly investing their money in two risky start-up companies he co-founded. According to the regulator, Spangler, a former chairman of the National Association of Personal Financial Advisors, funneled approximately $47.7 million of client money into these private ventures despite representing that he would invest primarily in publicly-traded securities.

Authorities searched Spangler's home in 2011 in connection with the fraud charges. Attorneys for Mr. Spangler note that he has cooperated with authorities throughout the investigation.

The U.S. Attorney’s Office for the Western District of Washington today announced parallel criminal charges against Spangler. These charges are in conjunction with the 2011 raid of Spangler's home which was led by the FBI.

According to the SEC’s complaint filed in federal court in Seattle, Spangler raised more than $56 million from his clients since 1998 for several private investment funds he managed. Beginning around 2003, without notifying investors in the funds, Spangler and his advisory firm The Spangler Group (TSG) began diverting the majority of client money into two private technology companies he created. ......................

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