AE Wealth Management

Discharged

Mr. Spiehs submitted a document which triggered review by AE Wealth Management Supervision. Mr. Spiehs was found to have solicited two AE Wealth Management clients for an unapproved, non-registered security. In that review, AEWM also found documentation given to potential investors of the product which referred to Mr. Spiehs' investment advisory firm as a "registered broker-dealer." Mr. Spiehs violated AEWM Compliance Policies and our Code of Ethics and was terminated as a result.

I, Mitchell Spiehs, called my RIA firm and disclosed my intent to participate in a private placement. A miscommunication developed from that call, where it was my understanding that a private placement was within the scope of my license. Following that, I failed to get a proper preclearance for the security. Two clients were referred to the private placement. Upon discovering the error, the clients were contacted, and each client received a full refund of the money they had invested. No compensation was ever received by me or Spiehs Wealth Management for the transactions. Upon referring clients to the private placement, Mitchell Spiehs and Spiehs Wealth Management were incorrectly referenced as a Broker Dealer. There was never a request or intent to incorrectly represent Spiehs Wealth Management. All relationships with the private placement were ceased upon discovery of the error. Clients received full refunds of monies placed.

DEPARTMENT OF INSURANCE OF NEBRASKA

WHILE EMPLOYED BY SYNERGY INVESMENT GROUP IN 2009, A CONSENT ORDER WAS ISSUED STATING THAT M. SPIEHS FAILED TO COMPLY WITH ADVERTISING PROVISION OF BOTH FINRA AND SYNERGY INVESTMENT GROUP BY FAILING TO OBTAIN WRITTEN APPROVAL FROM REGISTERED PRINCIPAL ON AN ADVERTISING FLYER. CURRENT ACTION IS A RESULT OF ALREADY POSTED 2009 CONSENT ORDER FROM DOB&F. AS A RESULT OF THE ORIGINAL 2009 ACTION, M. SPIEHS WAS ACCESSED AN ADDITIONAL CONSENT ORDER BY NEBRASKA DEPARTMENT OF INSURANCE WITH A FINE FOR FAILURE TO NOTIFY THE DEPARTMENT WITHIN THE REQUIRED 30 DAYS.

Consent

Civil and Administrative Penalty(ies)/Fine(s)

$250.00

DURING REVIEW OF ADVERTISING FLYER, M. SPIEHS DISCUSSED WITH SYNERGY SEVERAL REVISIONS ON THE FLYER AND MADE THEIR SUGGESTED CHANGES. M. SPIEHS CONTENDS THAT HE DID RECEIVE A VERBAL APPROVAL FROM CCO AT SYNERGY BUT NO PRINTED APPROVAL WAS RECEIVED. THERE WAS NO INTENT BY M. SPIEHS ON HIS PART TO CIRCUMVENT EITHER FINRA OR SYNERGY POLICY AND PAID ORIGINAL 2009 ADMINISTRATIVE FINE IN ALLOTED TIMEFRAME.

NEBRASKA DEPARTMENT OF BANKING AND FINANCE

MITCHELL SPIEHS ("SPIEHS") IS REGISTERED TO SELL SECURITIES IN NEBRASKA AS AN AGENT OF SYNERGY INVESTMENT GROUP, LLC ("SYNERGY"), A BROKER-DEALER REGISTERED TO TRANSACT BUSINESS IN NEBRASKA. SPIEHS OPERATES OUT OF A REGISTERED BRANCH OFFICE FOR SYNERGY LOCATED AT 115 NORTH WEBB ROAD, GRAND ISLAND, NEBRASKA. ACCORDING TO A FLYER FURNISHED TO THE DEPARTMENT BY A THIRD PARTY, SPIEHS WAS SCHEDULED TO MAKE SEMINAR PRESENTATIONS ON JULY 22, 2008, AND JULY 29, 2008, ON WAYS TO PROTECT SAVINGS AND RETIREMENT ASSETS. THE SEMINARS WERE SPONSORED BY AXFORD TAX. THE FLYER FOR THE SEMINARS INCLUDED A PICTURE OF SPIEHS, WITH THE CAPTION "MITCHELL SPIEHS, REGISTERED REPRESENTATIVE, AXFORD TAX." THE FLYER ALSO CONTAINED THE STATEMENT "MITCHELL SPIEHS IS A REGISTERED REPRESENTATIVE WITH SYNERGY INVESTMENT GROUP LLC. AXFORD TAX AND SYNERGY INVESTMENT GROUP ARE NOT AFFILIATED COMPANIES." AXFORD TAX IS NOT REGISTERED WITH THE DEPARTMENT PURSUANT TO THE ACT, AND SPIEHS IS NOT REGISTERED WITH THE DEPARTMENT AS AN AGENT OR REPRESENTATIVE OF AXFORD TAX. ACCORDING TO ITS WEBSITE, AXFORD TAX MAINTAINS AN OFFICE AT 115 NORTH WEBB ROAD, SUITE 6, GRAND ISLAND, NEBRASKA. THE AXFORD TAX WEBSITE DOES NOT IDENTIFY SPIEHS AS AN AFFILIATE. SPIEHS ASSERTS THAT HE PROVIDED THE FLYER, VIA EMAIL, TO THE SYNERGY COMPLIANCE DEPARTMENT AND RECEIVED ORAL APPROVAL FROM THE SYNERGY COMPLIANCE DEPARTMENT, THAT CERTAIN CHANGES WERE MADE. SPIEHS FURTHER ASSERTS THAT HE MADE THE REQUESTED CHANGES TO THE FLYER BUT DID NOT OBTAIN WRITTEN APPROVAL OF THE FLYER FROM THE SYNERGY COMPLIANCE DEPARTMENT BEFORE MAILING THE FLYER TO PROSPECTIVE ATTENDEES TO THE SCHEDULED SEMINARS. REPRESENTATIVES OF SYNERGY HAVE INFORMED THE DEPARTMENT THAT THEY DID NOT APPROVE, IN WRITING, THE VERSION OF THE FLYER RECEIVED BY THE DEPARTMENT. IT IS THEREFORE ORDERED THAT MITCHELL SPIEHS SHALL PAY A FINE IN THE AMOUNT OF THREE THOUSAND DOLLARS ($3,000.00). SUCH PAYMENT SHALL BE MADE BY A CHECK OR MONEY ORDER PAYABLE TO THE NEBRASKA DEPARTMENT OF BANKING AND FINANCE WITHIN THIRTY (30) DAYS FROM THE EFFECTIVE DATE OF THIS ORDER. IN THE EVENT THAT SPIEHS FAILS TO COMPLY WITH THE PROVISIONS OF THIS ORDER, THE DEPARTMENT MAY COMMENCE SUCH ACTION AS IT DEEMS NECESSARY AND APPROPRIATE IN THE PUBLIC INTEREST.

Consent

Civil and Administrative Penalty(ies)/Fine(s)

$3,000.00