Iowa Agent Gets 4 Years for Securities Fraud

November 25, 2003

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.