“The fraud perpetrated by Mr. Spangler was egregious,” Acting Special Agent in Charge W. Jay Abbott of the FBI’s Seattle field office said in a prepared statement. “As a family investment adviser, he was trusted to invest according to his client’s wishes. Instead of respecting their sacred trust, Mr. Spangler chose to place his own interests above those of his clients.”
The Securities and Exchange Commission has filed civil charges against Spangler in connection with the fraud.