FOREST CITY, Iowa – A man has been convicted and sentenced for running a Ponzi scheme in North Iowa.
Authorities say former banking executive Randall Alan Finer, 55, began asking acquaintances and former customers to invest in a day trading operation. Investigators say Finer received a total of $887,700 from investors between 2011 and 2015.
However, the Winnebago County Attorney’s Office says Randall used less than half of that money for day trading and suffered substantial losses on that. Finer was accused of using the rest of the money for personal and living expenses and using money from new investors to pay interest payments to old investors.
Finer was originally charged with ongoing criminal conduct, a class “B” felony punishable by up to 25 years in prison. As part of a deal with the prosecution, Finer eventually pleaded guilty to 2nd degree theft. According to court documents, he’s been sentenced to five years of probation and ordered to pay $10,000 in restitution.
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