FINRA

Without admitting or denying the findings, Spach consented to the sanction and to the entry of findings that he refused to produce documents and information requested by FINRA in connection with its investigation into potential violations relating, in part, to a customer complaint noted in his Form U5. The findings stated that Spach's member firm filed a Form U5 terminating his registration and disclosing that he had been permitted to resign while under internal review relating to the potential violation of various firm policies while attempting to settle a customer complaint with a client of his registered investment advisor.

Acceptance, Waiver & Consent(AWC)

Bar (Permanent)

All Capacities

Indefinite

2/21/2019

NFP Retirement Inc.

Discharged

Alleged violations of the Investment Advisers Act of 1940 (275.204A-1, 275.204-2; 275.204-3; 275.206(4)-2; 275.206(4)-3 and 275.206(4)-7)) from co-mingling client assets with his own personal assets, breach of fiduciary duty (to include unsuitable investment advice, material misstatements, and failure to disclose material conflicts of interest), circumvention of compliance policies and procedures, and operational systems and procedures of the third-party custodian, and affirmative misrepresentations to the firm.

Kestra Investment Services

Permitted to Resign

Mr. Spach failed to disclose his receipt of an oral complaint and attempted to settle the complaint without firm knowledge or consent in violation of firm policy. Further, Spach failed to disclose passive investments to the firm.

John Spach, a registered representative associated with Kestra, introduced a client of his independent RIA (not affiliated with Kestra), to an outside investor. The client invested $475,000 and received a promissory note. The RRs client is not a client of Kestra. The promissory note defaulted. Following such default, the client made an oral complaint to the RR, who agreed to settle and pay the client the balance of the note, plus interest per year until paid in full.

$450,000.00

$450,000.00