The Securities and Exchange Commission has obtained a final judgment against Sacramento, California-based investment adviser Keith Springer and his firm, Springer Investment Management. Springer agreed to settlements that included a associational bar and paying $400,000 in penalties against him and the firm.
The SEC’s complaint, filed in December 2019, alleged that Springer had defrauded hundreds of clients, many nearing or in retirement. Many of the clients had learned about Springer through his radio show, "Smart Money with Keith Springer."
The SEC alleged that Springer and his firm engaged in deceptive practices while soliciting new clients, including falsely claiming that they did not receive any incentives to recommend particular investments when they actually received compensation for recommending certain products.
The complaint also alleged that Springer and the firm breached their fiduciary duty by failing to disclose these arrangements and the conflicts of interest that resulted, filed false reports with the commission, and failed to maintain an adequate compliance program and required books and records.
Firms are facing increasing scrutiny over whether they can be held responsible for losses by clients whose ability to understand their investments has been compromised.
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