WBAP Brokered Financial Show Hosts Face SEC Charges
May 12, 2015 at 4:09 AM (PT)
The SECURITIES AND EXCHANGE COMMISSION has brought charges against a financial planning firm and its two principals, who host a brokered radio show on CUMULUS News-Talk WBAP-A/DALLAS, for making false claims to retirement investors.
CHRISTOPHER A. NOVINGER and J. BRADY SPEERS and their NOVERS FINANCIAL of MANSFIELD, TX allegedly told customers their investments in life settlements -- interests based on life insurance policies held by other people -- were safe, guaranteed, and federally insured when they were not, and using a fake "net worth calculator" to qualify some investors by inflating their net worth. The complaint, filed in U.S. District Court for the Northern District of TEXAS, alleges that the firm and NOVINGER and SPEERS sold about $4.3 million in life settlement interests to 26 investors. The related ICAN INVESTMENT GROUP LLC and SPEERS FINANCIAL GROUP LLC were also charged with acting as unregistered broker-dealers.
“We allege that NOVINGER and SPEERS described speculative investments as safe and secure and were willing to manipulate investors’ financial information to make a sale,” said SEC FORT WORTH Regional Office Associate Dir. DAVID PEAVLER. “No matter what a salesperson tells you, interests in life settlements are never guaranteed, risk-free, or federally insured.”
NOVINGER and SPEERS hosted "RETIREMENT EXPERTS RADIO" on WBAP 6-7p (CT) SATURDAYS. The show has been removed from the station's schedule and website with no replacement listed.