Smart Money with Keith Springer airs on iHeart’s KFBK in Sacramento, Saturday afternoons and Sunday mornings. The SEC has accused Springer of fraud, alleging he received millions of dollars for recommending investment products while claiming he did not have any conflicts of interest.
The 19-page complaint, which you can read HERE, alleges that since 2014, Springer and the investment adviser firm he controls, Springer Investment Management, Springer Financial Advisors (“SFA”), “have engaged in a pattern of deceptive conduct specifically targeted at retirees and near-retirees, including making false and misleading representations to clients and prospective clients and breaching the fiduciary duty they owed to their clients.”
The complaint alleges that many clients learned about Springer and SFA through the radio show. “SFA advertised in its marketing materials that Springer hosted the radio show and Springer told clients and prospective clients that he had been selected to host the show due to his expertise.” Springer did not disclose in these marketing materials, however, that SFA paid to host and broadcast the show, according to the SEC complaint.
We’ve reached out to KFBK to find out if they continue to carry Springer’s program.
