Regulators Fine Iowa Man For Securities Trading Violations
February 5, 2015 by Associated Press
LAKE MILLS, Iowa (AP) — A Lake Mills man accused of trading securities without a license has been fined $100,000 and ordered to make restitution of more than $454,000.
The Mason City Globe Gazette reports (http://bit.ly/1KumMVg) that Randall Finer was cited by the Iowa Insurance Division for dealing unregistered securities, being an unregistered agent, making untrue statements, omitting facts and not complying with orders from investigators.
They are civil violations of the Iowa Uniform Securities Act, not criminal.
The newspaper says Finer disputed the allegations in a Jan. 16 letter to investigators. He said had sought money from people in order to trade futures contracts for himself. He said he always made it clear that he was seeking a personal loan and that he was not a broker or financial planner.
Information from: Globe Gazette, http://www.globegazette.com/
