SEC Charges Radio Hosts Christopher A. Novinger, Brady J. Speers and Their Companies with Fraudulent Life Settlement Interest Sales, Making False Claims to Investors

Attorney Advising Disclaimer

The SEC filed a complaint against Christopher A. Novinger and Brady J. Speers of the NFS Group, LLC (aka Novers Financial and Safe Retirement Experts), ICAN Investment Group, LLC, and Speers Financial Group, LLC, charging the defendants with fraudulently offering and selling life settlement interests by making false assurances about their products to investors. They reportedly raised $4.3 million selling these interests to investors.

Specifically, the SEC alleged that Novinger, Speers et. al. made false promises and guarantees to investors about the interests by claiming they were "safe, guaranteed investments," that were "risk free" and "safe as CDs." The complaint states Novinger and Speers falsely claimed the investments were "federally insured," backed by Federal Reserves and "by far the most secure, safe methods for growing funds" with annual returns of 10-14%.

SEC Case #4:15-cv-358

Investigators point out that Novinger and Speers host a weekly radio show entitled "Retirement Experts Radio Show," and made false and misleading representations not only on the products they offered, but on their own experience and level of financial expertise, claiming they were licensed financial consultants and "retirement experts."

In 2013, we reported on FINRA's attempts to crack down on firms' and brokers' inappropriate radio advertising and solicitations, including several fraudulent misrepresentations and omissions transmitted over the air resulting in financial damage to investors.

The SEC's Complaint states that Novinger and Speers "possess little to no training" related to securities and life settlement products, finding that Novinger and Speers have a track record of discipline from multiple state regulators, including the State of California's Department of Managed Health Care, Oklahoma Department of Securities, Texas Attorney General, and Federal Communications Commission, the latter of which found that the pair engaged in a previous fraudulent scheme to mass-market discount health plans.

The Complaint claims that Novinger and Speers' self-appointed titles of "licensed financial consultant" were likewise "phony" and "meaningless" and that they also failed to register the life settlement interests with the SEC in violation of the Securities Act of 1933. The SEC also said they used a bogus "net worth calculator" to improperly qualify some prospective investors for purchases.

If you have invested with Christopher Novinger, Brady Speers, their NFS Group, Safe Retirement Experts, ICAN Investment Group or other radio-based investment "expert" whose fraudulent solicitations and sales of misrepresented products have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.

Related Posts
  • Morgan Stanley Broker Stole $3.5 Million from Clients, According to SEC, Arrested for Elder Exploitation Read More
  • Louis Goff Charged with Fraud for Forex Scheme Resulting in Losses of $2.1 Million Read More
  • Alleged Ponzi Scheme Broker at Western International Barred Amidst Alleged Fraud, Unauthorized GWG Holdings Sales Read More