Melissa Spangler: Merrill Lynch Advisor Receives Fraud Complaint

Boston, Massachusetts financial advisor Melissa Spangler (CRD# 4795404) allegedly facilitated unauthorized transfers, according to a recently filed complaint. Financial Industry Regulatory Authority records show that she is registered as a broker and an investment advisor with Merrill Lynch.

Ms. Spangler’s BrokerCheck report discloses one complaint. Filed in September 2024 in Suffolk Superior Court in Boston, Massachusetts, it alleges that he facilitated unauthorized transfers, “failed to act on fiduciary misconduct and fraud,” and “assisted in opening accounts.” The pending complaint seeks unspecified restitution, as well as an injunction and penalties and/or fines.

FINRA Rule 3260 specifies the conditions in which brokers like Ms. Spangler may effect transactions in a customer’s accounts without first consulting the customer. As the regulatory body explains in its investor resources, this is also known as discretionary trading, and it “generally means the broker can decide at any time how much of a stock, bond or other security to buy or sell, and at what price, without customer input.” Rule 3260 states that brokers may not use discretionary authority without the customer’s prior written authorization, as well as their firm’s approval of the customer’s account for discretionary trading. Similarly, FINRA Rule 2020 stipulates that financial advisors must not “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” Representatives who make unauthorized transfers in violation of these rules may be found liable for damages.

According to the Financial Industry Regulatory Authority, Melissa Spangler holds 20 years of securities industry experience. Based in Boston, Massachusetts, she has been registered as a broker and an investment advisor with Merrill Lynch since 2009. Her past registrations include Banc of America Investment Services and Quick & Reilly. Her credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Investment Company Products/Variable Contracts Representative Examination, or Series 6TO; and the Uniform Combined State Law Examination, or Series 66. She is licensed in Massachusetts, Montana, New Hampshire, and New Jersey. (Information current as of November 4, 2024.)

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