9th Circ. Upholds Financial Adviser's $46M Fraud Conviction

Law360, New York (January 15, 2016, 6:55 PM EST) -- A Seattle investment manager's sentence for a $46 million fraud scheme will stand, the Ninth Circuit ruled Friday, despite his protest that a jury was nudged to convict him by unfair testimony that he was a fiduciary.

On Friday, the Ninth Circuit upheld Mark Spangler's conviction on 32 counts, saying that the jury was instructed carefully and was not told to consider fiduciary duty when it decided whether he was guilty. Spangler was convicted of funneling $46 million from fairly standard investment accounts into investments for two "risky" startups in which prosecutors said he had ownership stakes.

Spangler allegedly didn't inform investors...

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