By Mary Pieper, Mason City Globe Gazette

LAKE MILLS — A Lake Mills man has been ordered to pay $614,272 in restitution plus interest for offering and issuing unregistered securities.

Randall A. Finer also was ordered by Iowa Insurance Commissioner Nick Gerhart  to stop all sales of securities. This order prohibits Finer from offering investments in Iowa.

Gerhart found that Finer solicited funds from 24 different investors in Iowa and issued to these individuals various documents labeled as promissory notes. These investment contracts are subject to state regulation. Finer is not licensed to sell securities or act as an investment adviser.

In these sales, Finer misrepresented the investment opportunity by claiming that the investments would be used for “day trading” and that Finer had the experience to “guarantee” a return of 20 percent or more on day trading.

Finer also misrepresented that he would take no commission or fee on the investments other than those profits in excess of the 20 percent return.

“After reviewing the facts in this case, the Iowa Insurance Division has ordered Mr. Finer to stop offering and issuing unregistered securities and pay back the money from those he had previously offered and issued the unregistered securities to,” Gerhart stated in a press release. “I always encourage Iowans to double-check their investments and their investment advisers with our office before handing over your hard-earned money.”