CASPER, Wyo. — Authorities say a Wyoming man has been ordered to pay $373,000 in restitution and penalties for allegations that he convinced two Iowa residents to invest in his company and then used the money to pay his personal credit card bill.
The Casper Star-Tribune reports that the Iowa Insurance Division in August ordered Bruce Hauptman on Friday to pay the restitution.
Iowa Insurance Commissioner Doug Ommen determined Hauptman had violated four Iowa statues in the deal: selling unregistered securities, transacting as an unregistered agent, engaging in dishonest or unethical practices and omitting material facts.
Hauptman has maintained that the investments made in his company were not sold as securities and he has disputed the insurance commissioner’s findings. Hauptman did not immediately respond to a voicemail requesting comment.
Information from: Casper (Wyo.) Star-Tribune, http://www.trib.com