Spencer Miller

Clients of Spencer Marc Miller, registered representative at Merrill Lynch, have filed multiple customer disputes alleging broker misconduct, including misappropriation of customer funds and unsuitable investment advice. Miller, who is based out of Westlake Village, California, allegedly recommended and sold his clients various private placements, which caused substantial losses for his customers. Investors can read more about the allegations against Mr. Miller on his BrokerCheck report, available here: https://brokercheck.finra.org/individual/summary/6273107.

Private placements are offerings in unregistered securities that are exempt from most SEC-imposed reporting requirements. They are typically higher-risk, illiquid, and unsuitable for most investors. Due to the numerous risks associated with investing in unregistered securities, private placements generally cannot be sold to non-accredited investors. Accredited investors are investors earning more than $200,000 per year or individuals who, excluding their primary residence, have a net worth of more than $1 million.

Regardless, brokers and investment professionals must ensure potential investors are financially sophisticated and fully informed of the risks before offering shares in private placements.  ChapmanAlbin has been fighting for investor rights for more than 25 years. If you believe you lost money because your broker or financial advisor recommended private placements or other unsuitable investments, contact ChapmanAlbin for a free consultation.