Investors might have sustained losses due to securities broker David Edward Spellman [CRD: 6784263, San Antonio, Texas], according to disclosures on FINRA BrokerCheck. According to the regulator, Spellman has worked for Money Concepts Capital Corp. since June 30, 2017, and with Money Concepts Advisory Service since October 18, 2018. Here’s more about the disclosures concerning Spellman.
Specifically, a client of Money Concepts Capital Corp. contested David Spellman’s sales practices, according to a complaint dated October 18, 2023. Allegedly, Spellman engaged in unreasonable trading and violated Texas Insurance Code. It appears that Spellman allegedly caused the client to sustain damages on life insurance products. Therefore, the client sought damages from Money Concepts Capital Corp. or Spellman in the amount of $250,000 in this matter.
Also, a client filed a complaint about David Spellman. Supposedly, Spellman made misrepresentations of material fact. Because of this, the client allegedly sustained damages on life insurance products. Therefore, on January 2, 2020, Money Concepts Capital Corp. settled this matter by paying the client $5,000 in damages.
Seeking more information about David Spellman? If you incurred losses, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities lawyer about a possible recovery. Soreide Law Group has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Spellman and brokerage firms Spellman worked for deny any allegations of sales practice violations.
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