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WARNING! Impending Investigation–ASCENDIANT CAPITAL MARKETS LLC and SEAN SPEARMAN

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28
Feb

WARNING! Impending Investigation–ASCENDIANT CAPITAL MARKETS LLC and SEAN SPEARMAN

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Ascendiant Capital Markets LLC and Sean Spearman

 

We are currently investigating allegations made against Ascendiant Capital Markets LLC, an Irvine, California-based securities brokerage firm.  FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against Ascendiant Capital Markets for failing to timely update Form U-4s for two (one former, one current) of its registered representatives, Sean Spearman and Kevin Tufts.  In particular, FINRA alleges that Ascendiant failed to update their U-4s regarding a regulatory investigation made by FINRA against Spearman and Tufts.  Spearman was eventually barred by FINRA in January 2015 for violations of various securities rules and regulations.

 

FINRA alleged that Ascendiant Capital Markets also failed to timely update his Form U-4 regarding a customer complaint made in December 2012 regarding unauthorized trades, as well as a February 2013, $247,000 IRS tax lien.  FINRA alleged that Ascendiant failed to have adequate supervisory procedures to update Form U-4s and report complaints to FINRA.

 

Sean Spearman was a registered representative and financial advisor with Ascendiant Capital Markets from March 2011 to August 2014.  He worked at Ascendiant’s branch office in Irvine, California.  Kevin Tufts has worked with Ascendiant from February 2011 to the present in the Irvine branch office.  Tufts filed for bankruptcy in 2013.

 

Brokerage firms like Ascendiant Capital Markets have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

 

Our attorneys have represented over 1,000 investors across the country who have lost money because of the negligent or fraudulent conduct of their brokers. While we have offices in Denver and the Seattle-area, we have represented numerous clients throughout the United States, including California and the Los Angeles-area.  If you have lost money with Sean Spearman, Kevin Tufts, or Ascendiant Capital Markets and want to hear about ALL legal options, please visit https://www.israelsneuman.com/ or call us at 720-599-3505.

 

Click to view FINRA AWC:  Ascendiant Capital FINRA AWC

Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
10.0David P Neuman

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