A pending investor complaint against Ameriprise Financial Services brokers and investment advisers Bob Hartland (CRD# 2253564) and Kristine Hartland (CRD#...Read More
Robert Spiegel: Staten Island Broker Suspended; Churning Allegations
Former First Standard Financial Company broker Robert Spiegel (CRD# 5861656) was recently the subject of a sanction by the Financial Industry Regulatory Authority in connection to allegations of excessive and unsuitable trading. Previously based in the firm’s office in Staten Island, New York, Spiegel was issued a four-month suspension and a fine of $5,000.
According to a Letter of Acceptance, Waiver and Consent (No. 2017052466302) dated January 2020, Robert Spiegel was associated with First Standard Financial Company as a General Securities representative from October 2014 until November 2018. From October 2016 until December 2017, FINRA states, he “engaged in quantitatively unsuitable trading” in the account of a 70-year-old farmer. He recommended all of the trading in the customer’s account, according to FINRA, including “a significant number of trades using margin,” and the customer followed his recommendations, which FINRA states resulted in Spiegel exercising de facto control over the account. FINRA’s findings go on to state that his trading in the account led to a high turnover rate and cost-to-equity ratio. It also led to “significant losses,” according to FINRA. The customer sustained losses of $77,334, while paying $18,047 in commissions and fees, the findings state. FINRA concludes that this trading activity “was excessive and unsuitable given the customer’s investment profile,” and that it violated FINRA Rules 2111 and 2010. As a result of the foregoing alleged conduct, he was issued a four-month suspension from association with any FINRA member firm. He was also ordered to pay a fine of $5,000, as well as restitution of $18,047.
Robert Spiegel is currently not registered as a broker. His previous registrations include First Standard Financial Company, Alexander Capital, Legend Securities, and National Securities Corporation. He has passed three securities industry qualifying examinations and his BrokerCheck report lists zero state securities licenses. (Information current as of May 21, 2020.)