Advisor who touts his holiday giving faces SEC fraud charges
December 23, 2019 by Ann Marsh
“Springer turkey challenge feeds over 25,000!” advisor Keith Springer says in a blog posted on his website, celebrating the 20th anniversary of his fundraising effort for which he thanks his clients for their “generous donations.”
The SEC offers a different picture of Springer’s relationship to clients in a complaint dated the same day as the post. Springer defrauded clients who were retirees and near retirees, most of whom were “unsophisticated” and over 55, since at least January 2014 by failing to disclose millions of dollars of compensation he received for putting them into high-cost annuities and other investments, the commission says in a complaint. Springer, 55, runs Springer Financial Advisors which he promotes through his “Smart Money with Keith Springer” radio show under the tagline, “Invest for need, not for greed,” hosted by a local radio station in the greater Sacramento, California, area.