FINRA Sanctions Richard Spettell

Soreide Law Group is investigating possible investor claims against Richard F. Spettell (also known as Richard Frederic Spettell) (CRD: 1686392, New York, New York). Notably, FINRA sanctioned the securities broker, who worked for Morgan Stanley. Allegedly, Spettell caused the securities firm to maintain false records or books. Here is a brief summary of FINRA’s allegations against Spettell.

FINRA Sanctions Spettell For False Records Or Books

Also, on June 15, 2023, FINRA issued Letter of Acceptance, Waiver, and Consent No. 2021070569901 sanctioning Richard Spettell for infractions. Notably, FINRA alleged that Spettell caused the securities firm to maintain false records or books.

Spettell, without admitting liability or denying the allegations, agreed to accept certain punishments from FINRA. Notably, FINRA found that he caused his company to keep incorrect records. He did this by swapping out the code associated with certain trades, which resulted in the trading confirmations displaying the wrong code.

Supposedly, Spettell had an agreement in place to manage specific client accounts. This involved making trades on behalf of these clients using a shared code that was assigned to him and the estate of a former colleague. Evidently, the agreement outlined how much commission Spettell would make from trades carried out with this shared code.

However, Spettell allegedly started making trades on these accounts with his own personal code, not the shared one. Even though the company's system automatically filled in the correct shared code, Spettell changed it to his own personal one. This led to Spettell earning more commission than he should have according to the agreement.

What's The Verdict?

Spettell was ordered to pay a fine of $2,500. In addition, he was suspended from his role in the company for one month, starting from July 17, 2023, and ending on August 16, 2023. This suspension affected all roles he held within the company.

Spettell Discharged By Morgan Stanley

Also, on February 4, 2021, Morgan Stanley Smith Barney LLC disaffiliated with Spettell. Evidently, Morgan Stanley Smith Barney LLC alleged that Spettell submitted transactions under the wrong production number.

Richard Spettell Disclosed Misrepresentation Allegations By Citigroup Global Markets Inc. Client

Particularly, a client of Citigroup Global Markets Inc. contested Richard Spettell’s sales practices, according to a complaint dated June 5, 2012. Allegedly, Spettell made misrepresentations. Supposedly, Spettell caused the client to sustain damages on auction rate securities. Therefore, the client requested compensatory relief from Citigroup Global Markets Inc. or Spettell in this matter. However, the securities firm denied this complaint.

Employment Information

Spettell worked for Morgan Stanley as a securities broker from June 2009 to March 2021. He also worked for Ameriprise Financial Services LLC as a securities broker from February 2021 to July 2023.

Did Morgan Stanley Securities Broker Richard Spettell Cause You To Experience Damages?

Sustained damages by investing with Richard Spettell? If you have, reach out to Soreide Law Group at (888) 760-6552 and speak with an experienced securities attorney regarding a potential recovery of your investment losses. Soreide Law Group, who has successfully recovered money for hundreds of investors across the United States, represents clients on a contingency fee basis and advances costs. Spettell and brokerage firms Spettell worked for deny all accusations of sales-related misconduct.