Call Now For a Free Consultation:
(614) 502-6165

Borrowing Money From Clients Gets Former Wells Fargo Broker Shane Springman Discharged

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.

Related Posts:

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram