A Marion, Iowa, insurance agent was sentenced to four years in prison for selling fraudulent securities, according to The Marion Star.
Paul L. Edwards, 68, received three years for reportedly engaging in a pattern of corrupt activity and one year for 27 securities offenses.
Prosecutors said Edwards had sold $400,000 in promissory notes to area investors. Edwards reportedly told the investors the notes were insured and were fool-proof, but they lost all of their money.
Insurance news headlines delivered to your email.
Banks Still Face Legal Claims After $25 Billion Settlement
MF Global Judge to Examine Insurance Payments for Former Executives
Daredevil CEOs May Put Companies at Risk
California Independent Contractor Law May Be Liability for Agents, Brokers
North Carolina Continues Auto Regulation Debate As Rates Stay Same for 2012
Long-time California Lobbyist Looks to 2012 Legislation Affecting Insurance
Mine Safety Chief Seeks to End Complacency Over Safety
Virginia Court Grants Rehearing of Global Warming Claims Case
