Spear Sells Most of His Stock in Financial Firm

Charles M. Spear, who resigned recently as chairman and chief executive of Spear Financial Inc., also has sold nearly his entire stake in the Glendale-based financial services concern back to the company.

In a filing with the Securities and Exchange Commission, Spear said he sold all but 1,000 of his about 500,000 common shares for $7.51 a share, or $3.7 million, during December. In announcing Spear’s resignation last month, the company had said it planned to buy back the stock.

Spear was succeeded as chief executive by James Mitchell. The company primarily markets insurance-related investments through financial institutions.