Speigel was also fined $5,000 and ordered to pay restitution for the violation.
The Sonn Law Group is investigating allegations that Robert Spiegel was engaged in excessive trading. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.
Robert Spiegel (CRD#: 5861656) consented to the sanctions and to the entry of findings that he excessively traded a customer’s account. The findings stated that Spiegel recommended all of the trading in the customer’s account, including executing a significant number of trades using margin, and the customer followed his recommendations.
As a result, Spiegel exercised de facto control over the customer’s account. Spiegel’s trading of the customer’s account resulted in a high turnover rate and cost-to-equity ratio, as well as significant losses. The customer’s account incurred losses of $77,334 and paid $18,047 in commissions and fees. Spiegel’s trading in the customer’s account was excessive and unsuitable given the customer’s investment profile.
Speigel was also fined $5,000 and ordered to pay $18,047 in restitution.
In December 2018, Spiegel was named in a customer dispute alleging churning and unsuitable trades. This matter is still pending. In November 2016, Spiegel was named in a customer dispute alleging churning and unsuitability during the period of September 2013 through March 2015. The matter was settled for $231,000.
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The Sonn Law Group is currently investigating allegations that Robert Spiegel was engaged in excessive trading. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.