Financial Adviser Charged With $46M 'Risky' Startup Scheme

Law360, New York (May 17, 2012, 10:48 PM EDT) -- A Seattle financial adviser has been charged with an alleged scheme to funnel $46 million from accounts he managed into two "risky" startups in which he had ownership stakes, the U.S. Department of Justice said Thursday.

In a grand jury indictment filed in Washington state federal court, Mark Spangler, 57, was hit with 23 counts, including wire fraud, money laundering and investment adviser fraud. Spangler allegedly didn't inform investors in funds managed by The Spangler Group Inc. that their money would be used to finance his...
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