The Oklahoma Securities Department has ordered a Texas-based financial advisory firm that markets itself as providing “no-risk” investment advice to seniors to stop doing business in the state.
Mansfield, Texas-based Novers Financial has attempted to sell unregistered securities in Oklahoma and its partners, who claim to be certified investment advisers, are unlicensed, the Securities Department claims in a cease-and-desist order filed Tuesday against the company.
The Facebook page maintained by Novers Financial contains numerous photographs of partners J. Brady Speers and Christopher A. Novinger smiling with elderly clients in Oklahoma and Texas, and its website advertises ways that seniors can invest their Social Security benefits.
Novus maintains an Oklahoma City office at the Cross Rock office park at 3600 NW 138 St.
Neither Speers nor Novinger have ever been licensed to sell securities or to be investment advisers in Oklahoma — or in any other state, the Securities Department claims in its order.
Attempts to reach Speers and Novinger were unsuccessful on Tuesday.
A receptionist at the company's Mansfield office said neither Speers nor Novinger were available.
The agency said that Novers' website falsely claims that Speers and Novinger are members of various financial advisory trade groups, although they have no affiliation with the organizations.
Novers touts itself on the website as “the largest non-risk investment consulting firm in the Southwest” with clients in Oklahoma, Texas and Arkansas. However, the company has never been registered to do business in the state of Oklahoma, according to the cease-and-desist order.
Novers also has never been licensed to do business by federal securities regulators, or in any state, according to the filing.
Novers has offered at least one Oklahoma investor the opportunity to invest in interest from life insurance policies — an investment offering that has never been registered with the state, the Securities Department's order said.
The company could be fined up to $250,000 for each violation of Oklahoma securities laws, according to the order.