Silver Law Group Investigates Retirement Advisors Who Falsely Promoted Alternative Investments
23 May 2015 - 03:15AM
Silver Law Group (www.silverlaw.com) is investigating claims
against a pair of self-described retirement planners who are
alleged to have falsely promoted to customers the safety and
profitability of interest in life settlements. These types of
alternative investments which promise substantial income without
the risk of the stock market have been the subject of many
securities arbitration claims in recent years.
According to charges filed by the Securities and
Exchange Commission (SEC), Novers Financial and its principals,
Christopher A. Novinger and Brady J. Speers, falsely told customers
that the investment opportunities they offered and sold in life
settlements were “guaranteed,” “as safe as CDs,” and “federally
insured.” The SEC has further alleged that Novinger and Speers --
who live in Mansfield, Texas and host a financial radio show --
used a bogus “net worth calculator” that improperly qualified some
prospective investors for purchases by factoring in future income
to artificially inflate the client’s assets and allow them to
invest in the life settlements, which typically can only be sold to
investors who meet certain income or net worth
levels.
“No matter what a salesperson tells you,
interests in life settlements are never guaranteed, risk-free, or
federally insured,” said David Peavler, Associate Director of the
SEC’s Fort Worth Regional Office. Over the last several years,
stockbrokers and other advisors have touted many alternative
investment and private placements with promises of high income or
preservation of capital. However, these investment products
frequently pay high commissions to the brokers without delivering
the promised
returns.
Along with Novers Financial and Messrs. Novinger and Speers, the
SEC has charged ICAN Investment Group LLC and Speers Financial
Group LLC for acting as unregistered broker-dealers. The SEC is
seeking injunctive relief, return of allegedly ill-gotten gains
with interest, and financial penalties.
If you have been the victim of investment fraud
or have been misled by a financial professional trusted with an
investment of yours, you might have the grounds upon which to
assert a claim to recover your losses. Silver Law Group is a
nationally-recognized securities law firm headquartered in South
Florida, with satellite offices in New York and Washington, DC,
representing investors worldwide with their claims for losses due
to securities and investment fraud. Our attorneys have
Martindale-Hubbell® Peer Review Ratings™ of “AV” Preeminent for
achieving the highest ethical and legal standards. The firm has
successfully recovered multi-million dollar awards for its clients
through FINRA arbitration and the courts. To contact Scott L.
Silver to discuss your legal matter, call toll-free (800) 975-4345
or e-mail him at SSilver@silverlaw.com.