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SEC: Spagno…Who?

By   /  December 14, 2015  /  1 Comment

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Councilman Efraim Spagnoletti campaigned on his “vast financial experience” that began with the United States Securities and Exchange Commission (SEC); however, documents obtained by the Beacon place doubt on his self-glorified past.  On September 3, 2015, the SEC responded to a Freedom of Information Act (FOIA) request “seeking documentation or confirmation that Efraim Spagnoletti worked for the SEC and access to his position title, from January 1, 1998 to March 1, 2001.”  The SEC was unable to “locate or identify any information responsive to [the] request.”


The selected timeframe of the request was unable to verify Spagnoletti’s SEC claim.  Newsday reported in 2013 that Spagnoletti “worked for 15 years in the finance industry” and he commenced his career with the SEC.  This should mean that there would have been some record of Spagnoletti at the SEC 15 years earlier–i.e., 1998.  Based upon the FOIA response, there was none.

“I began my professional career with the United States Securities and Exchange Commission…I understand financial statements and am especially keen in identifying deficiencies. My financial experience will serve Glen Cove well.  In addition, I have successfully obtained the following FINRA security licenses: Series 7, 79, 6 and 63.”–Efraim Spagnoletti, “12 City Council Candidates Vie For 6 Seats,” Glen Cove Record Pilot 23 Oct. 2013

On Oct. 23, 2013, then city council candidate Spagnoletti wrote in the Glen Cove Record Pilot that he had Financial Industry Regulatory Authority (FINRA) Series 6, 7, 63, and 79 licenses.  These licenses allow a person to sell various financial products to the public such as stocks, bonds, and mutual funds.   A search of FINRA’s BrokerCheck database did not find the SEC in Spagnoletti’s profile.  Furthermore, there was no indication that he “successfully obtained” his Series 79 (Investment Banking Representative Qualification Examination).  BrokerCheck stated that he passed industry exams 6, 7, and 63.

Let us start the New Year right with honest government and politicians who give straight answers.  Spagnoletti, who will soon start his second term on the Glen Cove City Council, should at least clarify his purported role at the SEC.

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1 Comment

  1. […] under “Notable People” of Glen Cove with the following information: “Councilman of Glen Cove, Former US Securities and Exchange Commission Examiner, worked on Wall […]

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