The former Napfa president chose investments that were more risky than the mutual funds his clients may have thought they were getting. At least that is what the FBI suspects. The FBI raided the home of former Napfa president Mark F. Spangler. His presidency was in 1999.
The Seattle Post-Intelligencer broke the news
of the raid on October 2.
That report suggests that the FBI suspects Spangler, 56, of losing client assets through investments in failed startups, including TeraHop Networks and Tamarac Inc.
Spangler is thought to have told the clients that he was investing in mutual funds and not private equity.
The assets advised by his firm have dropped to $60 million from $106 million previously. The reports add that Spangler informed the clients of the losses.
He closed his firm earlier this year after it went into receivership, reported Financial Advisor in a follow-up.
Sean Hanna, Editor in Chief
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