Former Wells Fargo broker Shane Springman was recently discharged for alleged firm and industry rule violations connected to borrowing money from two separate clients. Springman is not currently registered with a FINRA member firm.
During his 21-year-long career in the securities industry, Springman worked for various firms in addition to Wells Fargo, including UBS Financial Services, Citigroup Global Markets, and Merrill Lynch. The investment loss attorneys at Meyer Wilson are interested in speaking to people who have complaints regarding Mr. Springman.
According to Shane Springman's FINRA report, a customer dispute filed in December 2017 states that he allegedly borrowed money from a customer, promising to pay it back with interest. The customer alleged that Springman did not repay the loan; the dispute was ultimately settled for over $43,000. As a result of the allegations, he was terminated from Wells Fargo in March 2018 for allegedly violating firm and industry rules.
Additionally, Woodbridge LTD Partnership filed a civil judgment/lien against Springman for $3,182.41 in 2016 which remains outstanding.
Have You Lost Money While Investing With Shane Springman?
Under FINRA rules, brokers are prohibited from borrowing money from customers unless they receive prior written approval from their firm and certain conditions are met. And when individuals do loan money to a broker, there's an expectation that the broker will act with the best interest of the client in mind, and that the money will be repaid along with any agreed upon interest. Unfortunately, borrowing money from clients often sets the stage for broker misconduct and significant investor losses. If you loaned money to Shane Springman, you may be able to file a claim and recover your money.