SEC Indicts Recidivist Investment Adviser and Firm for Defrauding Retirees

Posted on December 26th, 2019 at 4:02 PM
SEC Indicts Recidivist Investment Adviser and Firm for Defrauding Retirees

From the Desk of Jim Eccleston at Eccleston Law LLC:

On December 19th, the Securities and Exchange Commission filed a complaint against investment adviser firm Springer Financial Advisors (“SFA”) and its owner Keith Springer (“Springer”) for allegedly defrauding hundreds of individual investors at or nearing retirement.

These charges were brought about after the SEC discovered that most of these clients discovered Springer and his investment firm through his radio show, “Smart Money with Keith Springer” and were led to believe that Springer was chosen to host the show because of his industry knowledge when, in fact, SFA paid for the program itself. The SEC has since issued an investor alert intended to warn investors about the possible role of radio programs in the solicitation of victims for investment schemes.

Further fraudulent activities described in the complaint include the alleged lengths Springer went to in order to conceal his regulatory disciplinary history, which include sanctions in the form of a revocation of his broker registration licensing, a cease and desist censure and a four year membership bar from the New York Stock Exchange, from internet searches and prospective clients by instructing employees not to divulge any information regarding the details of these disciplinary actions.

The complaint charges Springer and his firm with violations of antifraud provisions of federal securities laws, as well as violations of SEC rules regarding advertisements, compliance, reporting and recordkeeping. Through its complaint, the SEC seeks injunctions, repayment of any ill-gotten gains and civil penalties.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today. 

Related Attorneys: James J. Eccleston

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