The Securities & Exchange Commission has charged Seattle-area financial advisor, Mark Spangler, with defrauding clients by secretly investing $47.7 million in, what the SEC called, two "risky" start-up companies Spangler co-founded.

Spangler, who was chairman of the National Association of Personal Financial Advisors, or NAPFA, from 1996 to 1998, was president and CEO of The Spangler Group, a fee-based registered investment advisory firm specializing in investing in venture capital firms before filing for bankruptcy last year.

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