A long-time Seattle investment adviser was convicted today by a federal jury of 32 criminal counts including wire fraud, money laundering, and investment.
Former Seattle Investment Advisor Sentenced to 16 Years in Prison for Wire Fraud, Money Laundering and Investment Advisor Fraud.!
Seattle investment adviser guilty of fraud in $46M case
Mark F. Spangler, a Seattle investment adviser, was found guilty Thursday of 31 counts of fraud and money laundering after deceiving clients by secretly investing more than $46 million of their money into two risky startups in which he had an ownership interest.
Spangler, 58, who ran an investment firm called The Spangler Group and is a former chairman of the National Association of Personal Finance Advisors, faces a possible life sentence.
After a 14-day trial, a federal jury convicted him on 24 counts of wire fraud, seven counts of money laundering and one count of investment-adviser fraud.
Sentencing is scheduled for Feb. 6.
Spangler’s attorney, John Zulauf, said his client has no comment at this time.
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According to Securities and Exchange Commission documents, Spangler raised more than $56 million from his clients beginning in 1998.
However, between 2003 and 2011, rather than inv