The Sacramento-based radio host and his company have been charged with defrauding hundreds of clients.
The Sonn Law Group is investigating allegations that Keith Springer defrauded clients. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.
In their complaint, the SEC alleges that Springer Financial Advisors (“SFA”) and its owner, radio host Keith Springer, received millions of dollars in undisclosed compensation by recommending certain investment products. During this time, the company claimed they did not have any conflicts of interest.
According to the complaint, many clients learned of Springer through his radio show, “Smart Money with Keith Springer.” Springer allegedly misleads prospective clients into believing he gained his position because of his expertise in the financial industry. On the contrary, SFA paid to broadcast the show.
Additionally, the SEC’s complaint alleges that Springer to great lengths to hide prior charges brought against him by the SEC and his history with the New York Stock Exchange.
“Our complaint alleges that Springer actively targeted vulnerable retirees by misleading them about his prominence in the industry and promising to act in their best interests,” said Erin Schneider, director of the SEC’s San Francisco Regional Office. “Investment advisers must be truthful about their background and fully disclose all conflicts of interest.”
The SEC targeted SFA’s compliance failures in their complaint. SFA’s written compliance policies were allegedly outdated and not tailored to SFA’s actual business practices. Additionally, although a substantial portion of SFA’s business came from the sale of annuities and the use of a third-party asset manager, there were no policies or procedures concerning either.
SFA’s advertising policy was allegedly “generic, with no specific guidelines.” SFA also failed to implement policies and procedures that they did have. Finally, SFA was accused of failing to keep accurate books and records. The SEC is seeking injunctions, disgorgement of ill-gotten gains, and civil penalties.
Contact Us Today
The Sonn Law Group is currently investigating allegations that Keith Springer defrauded investors. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.