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"[People] don’t expect retirement to begin with social security and sit on the back deck in a lounge chair for the rest of their lives. This group really wants to remain active."

Jeff Cimini, head of personal retirement at Merrill Lynch

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Mark Spangler, former chairman of the National Association of Personal Financial Advisors, has been charged by the Securities and Exchange Commission for investing $47.7 million into two “risky start-up companies” which he co-founded, without informing investors, the regulator said.

Separately, the US Attorney's Office for the western district of Washington announced separate criminal charges against Spangler.

From about 2003 – without notifying investors - Spangler and his advisory firm, The Spangler Group, began deflecting the “majority of client money” into the two private technology companies, despite his saying that he would invest principally in public-traded securities, according to a statement from the SEC today.

Spangler, who served as chairman and chief executive of one of the now-bankrupt companies, raised over $56 million for several private investment funds he managed since 1998, according to the SEC’s complaint, filed by federal court in Seattle.

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