Tuesday, April 10, 2018

The Iowa Insurance Division recently ordered Bruce A. Hauptman of Wilson, Wyoming to pay a civil penalty of $235,000 for failing to pay $138,000 in restitution to Iowans to resolve claims of selling unregistered securities, selling securities as an unregistered agent, using dishonest or unethical practices in the securities business, and omission of material facts.  Hauptman owns B. Hauptman Holdings, LLC registered in Wilmington, Delaware.

The Iowa Insurance Division has ordered Hauptman to cease and desist from offering or selling unregistered securities in Iowa and has also barred Hauptman from applying for registration as a securities agent, investment adviser, or as an investment adviser representative in Iowa.

“Unregistered promissory notes, such as those sold by Bruce Hauptman, have often been a major source of investor complaints and fraudulent activities.  The Iowa Insurance Division is here to help protect consumers by keeping people like Hauptman from doing business in our state,” Iowa Insurance Commissioner Doug Ommen said. “It’s important for Iowans to double-check before they invest.  Understanding what you are purchasing, not just relying on any advice provided by unregistered or unlicensed individuals is vital.  If something sounds too good to be true it probably is.”

Iowans can double-check on any person selling securities before they invest by visiting https://brokercheck.finra.org.  Any Iowans that may have concerns that they have been sold an unregistered security are urged to contact the Iowa Insurance Division.  More information about common scams such as certain promissory notes, Ponzi schemes, oil and gas scams, etc. can be found at https://www.iowafraudfighters.gov.

The Iowa Insurance Division is the state regulator which supervises all insurance and securities business transacted in the state of Iowa.  The Iowa Insurance Division oversees companies and individuals in the sale of insurance and securities in Iowa.

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