On September 9, 2024, SPENCER HUGGETT (SPENCER REED HUGGETT) was fined $5,000.00 and suspended for two months (10/7/2024 - 12/6/2024) by FINRA. Huggett is currently registered both as a broker and investment advisor with CETERA ADVISOR NETWORKS LLC, of Webster, South Dakota, since 2022. He was previously registered with LPL FINANCIAL LLC, of Webster, South Dakota.
Without admitting or denying FINRA’s findings, SPENCER HUGGETT consented to the sanctions and to the entry of findings that he allegedly falsified the electronic signatures of clients on account documents.
FINRA’s findings alleged that SPENCER HUGGETT electronically signed, with prior permission, the names of 13 clients on a total of 29 account documents. Two of the clients were seniors.
The FINRA report states that the documents signed by Huggett, which included new account applications and move money forms, were required books and records of his member firm. According to FINRA, as a result, Huggett caused the firm to maintain inaccurate books and records. None of the clients complained and the transactions were authorized. FINRA alleges that, SPENCER HUGGETT, falsely attested to the firm in compliance questionnaires that he had not signed or affixed another person's signature on a document.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, SPENCER HUGGETT, has been in the securities industry for 22 years and has been listed with 12 firms. Huggett has two disclosures on his FINRA CRD report. One is the “Regulatory,” fining and suspending him, and the other dated May 26, 2022, is an “Employment Separation after Allegations.” Hugget was discharged from LPL FINANCIAL LLC following allegations of, “Electronically signed account documents on behalf of customers.”
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