63.1 F
Fort Worth
Sunday, March 7, 2021

Regulators file complaint against North Texas financial firm

FORT WORTH (AP) — Regulators have accused a Fort Worth-area financial firm that advertises on the radio of falsely saying certain investments were guaranteed and federally insured.

The Securities and Exchange Commission on Monday sued Novers Financial, Christopher A. Novinger and Brady J. Speers, of Mansfield.

The complaint says customers were wrongly told that interests in so-called “life settlements” are “safe as CDs,” and “federally insured.”

Regulators say Novers since 2012 sold $4.3 million in life settlement interests and described the speculative investments as safe and secure.

With life settlements, policyholders sell their life insurance policies in return for a lump-sum payment. Investors buy the right to collect death benefits, but must continue paying premiums until the original policyholder dies.

The company on Monday didn’t immediately return a message for comment.

Get our email updates

Related Articles

Our Digital Sponsors

Stay Connected

7,341FansLike
1,942FollowersFollow
11,787FollowersFollow
93SubscribersSubscribe

Join Our Newsletter

Latest Articles

Get our email updates

Stay up-to-date with the issues, companies and people that matter most to business in the Fort Worth.