News, Vision & Voice for the Advisory Community


Tamarac CEO: Mark Spangler's big trouble with the feds won't harm Tamarac

It's a PR issue for the Seattle software dynamo after the the former NAPFA chairman, former Tamarac chairman and RIA faces a heavy SEC scrutiny and FBI investigation

Author Brooke Southall October 17, 2011 at 3:27 AM
no description available
Stuart DePina: There is no way this is going to come back on Tamarac.

Mark Spangler


Stuart DePina



October 17, 2011 — 3:13 PM

NAPFA is sad to learn about the troubles facing Mark Spangler. Mr. Spangler was Chair of NAPFA in 1996 and has been an inactive, sustaining member of NAPFA since the late 1990s. At this point, Mr. Spangler may only be guilty of misjudging his client’s risk tolerance — something any advisor could face in these volatile times. We don’t know all of the facts in this ongoing investigation, but we will not allow the alleged actions of one individual to taint the good name of NAPFA and those professionals who comprise our membership. NAPFA-Registered Financial Advisors are the gold standard in the financial planning profession and will continue to be well into the future.

J L Livermore

J L Livermore

October 17, 2011 — 7:47 PM

Not the kind of PR campaign one wants to have just before one of the industry’s biggest trade shows.

It is interesting that two technology companies that provide allocation, rebalance, and trade products have faced similar scandals over alleged fraudulent activity within the past 12 months. Nine Mile (TradeWarrior) also suffered a blow with resulting SEC action against board member(s) / investor(s) (see http://www.sec.gov/litigation/admin/2011/33-9214.pdf for more details.)

Mr. DePina took appropriate action with regard to Mr. Spangler. However this doesn’t reduce the sting of negative PR, especially in the middle of the industry’s trade show season. There is risk in external funding and there is certain to be scrutiny to face. Especially due to the nature of Mr. Spangler’s board relationship with Tamarac and the alleged fraudulent funding practices.

This is a process Tamarac will just have to get through and nothing but time will reduce the sting.

The big question is how will the industry view this now as rebalancing and trading have become a focal point. Only time will tell.


Fear + Greed = Profit

Frank Jimenez

Frank Jimenez

October 17, 2011 — 8:49 PM

From NAPFA’s statement above:

“At this point, Mr. Spangler may only be guilty of misjudging his client’s risk tolerance — something any advisor could face in these volatile times.”

Now that’s a stretch if I ever heard one. Reading through the affidavit seems to indicate that Mr. Spangler may be guilty of much more than that. This does not lead any further credence to your organization when the statements you put out to the public sound like this.

Mr. J P Morgan

Mr. J P Morgan

October 18, 2011 — 3:12 AM

Mr. DePina’s statement referencing “Mark Spangler’s big trouble with the feds won’t harm Tamarac” is I feel, a bit hasty. His statement '“I’m more concerned about prospects questioning our credibility.”’ belies the “won’t harm” facade of confidence.

As for NAPFA’s comments, well what more can be said. It’s CYA time at NAPFA with Spangler’s and it’s own reputation in the balance this being the second formerNAPFA president to be disgraced since Putman’s demise.

Perhaps NAPFA should watchdog all of their former officials:))


J L Livermore

J L Livermore

October 18, 2011 — 3:42 AM

I forgot to post this entry from the Salt Lake Tribune regarding NineMile ( TradeWarrior ) and the Deru family fraudsters, alleged fraudsters that is. More fun reading here: http://www.sltrib.com/sltrib/money/51924641-79/deru-terry-shares-belsen.html.csp?page=1

The tale told is one of brazen manipulation of now defunct NMLE (NineMile), stock price and blatant lies told to clients is just amazing. What is even more amazing is their apparent flagrant disrespect for regulators as they didn’t even try to hide what they were up to. I guess they figured the SEC wouldn’t catch on just like they didn’t with Bernie – right. Out of this Belsen Getty won a cease-and-desist order that appears to be waiting final response.

I wonder which tech firm is next?


Chris Wade

Chris Wade

March 17, 2014 — 4:36 PM

Perhaps a follow-up story is due?

Related Moves

July 23, 2020 at 1:42 AM

Mentioned in this article:

Envestnet | Tamarac
Portfolio Management System, CRM Software, Trading/Rebalancing
Top Executive: Stuart DePina

RIABiz Directory

The Industry Sourcebook for RIAs

   |    LISTING

RIABiz Directory sponsored by:

Directory Sponsor Logo

White Paper Postings

Common Tags

Recent Articles

Popular Writers

RIABiz logo


About Us




RIABiz, Mill Valley, California
Copyright © 2009-2024 RIABiz Inc. All rights reserved.