Content area
Full Text
The investments were billed as "risk free," and would-be customers were told that "you cannot lose a dollar."
The pair of self-described planners hosted a weekly radio show and used such bogus credentials as a "licensed retirement strategist" and "licensed financial strategist," regulators say.
Now the SEC has charged the two planners with making false claims and guarantees to clients in order to resell $4.3 million in life insurance policies to investors.
In selling the life settlement interest, authorities say that Christopher Novinger, 38, and Brady Speers, 45, essentially acted as brokers to 26 clients from 2012 to 2014: Someone sold their life insurance policy for a lump sum, and Novinger and Speers, acting as selling agents on behalf of another company, then sold those policies to investors.
In fact, authorities allege, the two co-founders of Novers Financial -- based in the Dallas suburb Mansfield, Texas -- "possess little to no training relating to securities and non-insurance related financial products, including life settlements."
Neither partner has been associated with a broker-dealer or RIA, although they hold licenses with the Texas Department of Insurance, according...