Leader of group now facing federal investigation; Local dismissal still leaves door open for possible future action
The five individuals from Iowa and Wisconsin recently charged in Allamakee County with violations of Iowa securities laws by the Iowa Insurance Division Fraud Bureau have all had their cases dismissed without prejudice as of a motion filed Thursday, June 12 in Allamakee County District Court.
According to its legal definition, dismissal without prejudice means that a case has been closed and charges have been dismissed but can be filed and tried again at a later date.
The cases dismissed involved charges filed earlier this year following an investigation conducted after an initial local complaint and a February 1 investment meeting arranged in Waukon by undercover investigators from the Iowa Insurance Division Fraud Bureau involving the five individuals, who were determined to be acting as agents for a company named Bright Silver LLC.