D/FW: Two WBAP Financial Advisers Face Charges

Chris Novinger

The Securities and Exchange Commission Monday sued two radio talk show hosts, accusing them of telling customers that interests in life settlements they sold were “guaranteed,” “safe as CDs” and “federally insured.”

The SEC filed charges in federal court against Novers Financial and its principals, Christopher A. Novinger, 38, and Brady J. Speers, 45, both of Mansfield. They host the “Retirement Experts Radio Show” on WBAP 820 AM / 99.5 FM HD2.

The SEC said from 2012 to 2014, they sold about $4.3 million in life settlement interests to 26 investors.

Brady Speers

The agency also said the men used a bogus “net worth calculator” that improperly qualified some prospective investors for purchases by including income that investors hadn’t received, such as future pension and Social Security benefits.

 “We allege that Novinger and Speers described speculative investments as safe and secure and were willing to manipulate investors’ financial information to make a sale,” said David Peavler, associate director of the SEC’s Fort Worth Regional Office.  “No matter what a salesperson tells you, interests in life settlements are never guaranteed, risk-free, or federally insured.”