• Report: #741899
Complaint Review:

Todd C. Spenla

  • Submitted: Fri, June 17, 2011
  • Updated: Thu, April 26, 2012

  • Reported By: hole_in_one_whistleblower — New York New York United States of America
Todd C. Spenla
New York, New York United States of America

Todd C. Spenla Microbanc, LLC Poor Recruiter - Worse Investment Banker New York, New York

*General Comment: Todd is this you


*Consumer Comment: Lew Lieberbaum, HB Turck, etc

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This report is being filed to alert the public as to the poor track record that Todd Christopher Spenla of Microbanc,  LLC,  Microbanc.net, Inc. and Microbanc Inc. has as both a recruiter and a broker.

As a recruiter in the financial services industry Todd Spenla has taken multiple deposits from companies, and has threatened to recruit their brokers if they fail to retain him.

Spenla took a few deposits from Brokerage Firms and failed to issue a refund when the contract required to doso.

Exhibit One:  Spenla was released as a recruiter from Lew Leiberbaum, Maxim Group, and Bluestone Securities for lack of production. 

Exhibit Two:  Spenla and Microbanc received a 5K VFinance, Inc., requested a 5K refund  because no brokers where hired on Spenla referrals, Spenla refused to pay. Source: David Rich. Spenla failed to refer any broker to his firm that was hired and breached the contract by failing to issue a refund.

Exhibit Three:  Joseph La Scala Sr. Vice President, Wealth Management at the Happauge office of GunAllen.  Once again, Spenla and Microbanc entered into a refundable retainer of $15K.  Microbanc failed to refer one broker who resulted in a placement and then defaulted on returning the funding until Spenlas ex partner paid the refundable retainer, a debt which Spenla denies he owes till this day.

Exhibit Four:  Garden City Office of GunAllen.  Another 5K retainer that Spenlas firm took
and failed to return upon non-performance. Neil Impellizari OSJ supervisor contact.

Exhibit Five Prime Charter, LTD Spenla took a twenty five thousand dollar retainer and not one candidate was introduced to the firm for an interview. Source Steven Frank Schwartz. Many other firms gave Spenla a non-refundable retainer, and regretted it when Spenla failed to perform by not
making any placements.

Exhibit Six Brookstone Securities, LLC -  Spenlas firm took a 10K retainer. No Placements.  Source Tony Tuberville

Exhibit Seven Brooksteet Capital Spenlas firm took a 25K retainer. No Placements Source Stan Brooks.

Exhibit Eight Mid Atlantic Securities Spenlas firm took a 5K retainer and failed to refer one Broker.

Exhibit Nine -  Investors Capital Corporation of Valley Stream 2.5K retainer No performance Source:  Ryan Hans

Spenlas Techniques, sometimes include threats to a brokerage firm if he is not hired:

Exhibit Ten:  Ladenburg Thalman when Todd Spenla was rejected as a recruiter for Ladenburg he threatened to recruit their brokers.  Source Barry Rabkin

Office Space Deals:

Spenla, always looking for an office to work out of instead of his home, has entered into and asked to leave firms that he negotiated office space with after not performing:

1.   Alexander & Associates
2.   Burlington Securities
3.    Chicago Investment Group

In the Investment Banking Arena, unlicensed Todd Spenla fared no better.  His long history of ripping off Companies can be best summarized by his association with known felon Ronald J. Goldberg.  Spenla befriended Goldberg who started to refer him business.  Spenla took a 50K retainer from Paul Fiore for a restaurant deal in Vegas and showed up two days late for a meeting because he wanted to save on airfare.  Spenla then proceeded to circumvent Goldberg in the Death Row Records deal by affiliating with a rival bidder and taking a retainer from another company seeking to obtain the catalogue which Goldberg introduced him to. This matter is currently pending in Federal Bankruptcy Court in Los Angeles.


The above information does not begin to cover the pending civil litigation against him.

Spenla has a long history of defaulting on rent payments, sub-leasing cars and defaulting.

Most recently he set up  Harry Friedman of a 25K retainer, inducing him with a broker meeting
wherein the high powered broker had no intention of moving Harry of course was  which he did not perform on by delivering a shell BD with the appropriate approvals as promised.

This report was posted on Ripoff Report on 06/17/2011 05:59 AM and is a permanent record located here: http://www.ripoffreport.com/reports/todd-c-spenla/new-york-new-york-/todd-c-spenla-microbanc-llc-poor-recruiter-worse-investment-banker-new-york-new-york-741899. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 General Comment

Todd is this you

AUTHOR: Thetruth - (USA)

 If there is a person in this world defending Todd it is either his mother or him using a different name. He uses every trick in the book don't be fooled. I think he has the most reported rip off reports on the site. I'm sure that all these dozens of people have nothing better to do than say bad things about Todd. Todd you are a POS and you actually know it. Do something ligit and stop involving your girlfriend and making her introduce you to people.

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#2 General Comment


AUTHOR: Salvatore S - (USA)

A detailed investigation regarding this report revealed the following:

Exhibit 1: hole_in_one_whistleblower and thewhistleblower etc.. filing these malicious reports a few weeks apart  7/6/11, 8/15/11, 9/10/11, 4/17/12, and 4/26/12 to discredit one of the more prominent and experienced financial advisors / recruiters are made by an ex-girlfriend whose significant other is Mr Spenla's competitor and has been since October 2009. 

Exhibit 2: There is no police report or any kind of complaints filed or produced by the alleged "consumer" posting these false accusations regarding not refunded retainers, fees etc. The fact that no one has gone on to file any of these reports attests to the fact that Mr Spenla was following the conditions of the contracts between his firm and these companies. Perhaps the business relationship was not as fruitful as both sides had hoped nevertheless it wasn't for lack Mr Spenla's efforts. After all in the finance industry great profits only stem from extremely hard work. If everyone wrote a "ripp off" report about every broker that lost their investment  we would not be able to have enough space on the web let alone this site.

Exhibit 3: The total dollar amount on these retainers are miniscule in comparison to the actual monies profited by the companies from Mr Spenla's recruits which the alleged "consumer" does not mention by the way. The return on the tiny "investment" aka retainer equals roughly to 200% annum and they are still profiting from Mr Spenla's work. As we all know financial firms do not thrive on having reputaiton having patience thusly causing the relationship between them and Mr Spenla's firm to be terminated. Had they given the system Mr Spenla had in place some more time as per their mutually agreed upon contract there would have been a different outcome.

Exhibit 4: This complaint jumps from Mr Spenla from being a recruiter to investment banker, which is it?? Because firms do not give retainers to investment bankers.

Exhibit 5: Mr Goldberg is a common criminal, and it is a known fact that no criminal exposes what he is to his partners until the business goes sour and the law gets involved. To insinuate that Todd Spenla was aware of Mr Goldberg's shady dealings is pure unfounded speculation and holding Mr Spenla responsible is purely unfair. In fact the law did not deem it necessary to even involve Mr Spenla in Mr Goldberg's criminal case, that alone proves that these lies posted against Mr Spenla are completely unfounded, unless the person posting them does not believe in our justice system and the hard work of the FBI agents.

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#3 Consumer Comment

Lew Lieberbaum, HB Turck, etc

AUTHOR: A Republican Broker - (United States of America)

Let's not forget the crap he pulled at Lew Lieberbaum, Chatfield Dean & Co. and HB Turck.  I have it on pretty good authority (right from the very top) that Todd bullied Fenton Turck into paying for his personal expenses despite Fenton not having even paid his own rent!  Todd Spenla uses his size as a weapon and threatens people, particularly those weaker-minded types like Fenton Turck, to get his way.  He is a bully and a narcissist and should be avoided at ALL costs!

The above post is accurate to the best of my knowledge: I knew about at least two car sub-leases that he blew out of without paying, and at least two residences.  He's a jerk and a philanderer, having cheated on his wife numerous times that I know of.

If Todd said to me "The sky is blue" I wouldn't believe it until I saw it myself because Todd Spenla is one of those people who would tell a lie when the truth would save him!  That's nearly the definition of 'pathological liar!'

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