SEC Charges Recidivist Investment Adviser with Defrauding Retirees

Posted by Andrew Borowiec on Jan 17, 2020 9:49:36 AM

Since at least January 2014, Springer and the investment adviser firm he controls, Springer Investment Management, Inc. dba Springer Financial Advisors (“SFA”), which is registered with the SEC, have engaged in a pattern of deceptive conduct specifically targeted at retirees and near-retirees, including making false and misleading representations to clients and prospective clients and breaching the fiduciary duty they owed to their clients.

The SEC's complaint alleges that Springer and SFA received millions of dollars in undisclosed compensation and other benefits for recommending certain investment products while claiming that 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," and Springer misled prospective clients into believing he was selected to host the show because of his industry expertise. In reality, SFA paid to broadcast the show.

The SEC's complaint further alleges that Springer went to great lengths to hide prior charges by the SEC and his disciplinary history with the New York Stock Exchange, hiring internet search suppression consultants and instructing employees not to provide the information to prospective clients.

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