Iowa Agent’s License Revoked, Fines Assessed

January 2, 2004

Martin Francis, administrative law judge, recently ordered the
permanent revocation of the license of Daniel C. Heese of Council Bluffs, in action brought by the Iowa Insurance Division.

Heese was reportedly found to have engaged in various acts in violation of law in regard to the sale of pay telephones as investments to Iowa consumers. These sales amounted to the sale of unregistered securities by an agent not licensed to sell securities,
using promotional literature that did not disclose that the securities were unregistered, and demonstrated “incompetence or untrustworthiness” in the conduct of insurance business.

Further, Heese was reportedly found to have falsely indicated, in a statement as part of an application to have his insurance license reissued, that he had not been found guilty of any crimes or
subject to any administrative actions, when both of those things had occurred. Heese was ordered to cease and desist from any further violations of Iowa securities laws and rules.

In addition to the permanent revocation of his license, Heese was assessed fines totaling $10,500 for the violations of the Iowa Code and for costs in this matter.

The action becomes final after a 30-day waiting period allowed for appeal.

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