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Tuesday, May 3, 2016

Milford broker faces 19 fraud charges

Thursday, December 16, 2004

One Milford man who was recently counting his investment earnings is now counting his felony charges.

On Thursday, Dec. 9, the Dickinson County Sheriff's Office arrested 65-year-old Larry Bernard Lavin of Milford. Lavin was arrested on a Dickinson County warrant charging him with 19 felony counts for investment fraud.

A complaint prompted an investigation of Lavin's activities selling investments in Spencer Capital Growth to several individuals in northwest Iowa. At the time of the alleged incidents, Lavin was a licensed insurance agent. On April 8, 2004, Mr. Lavin entered into a consent agreement with the Iowa Insurance Division permanently revoking his insurance license in the State of Iowa.

Included in the 19 charges against Lavin are four counts of Fraudulent Practices in the 1st Degree, each a Class C Felony; 14 counts of Fraudulent Practices in the second Degree, each a Class D Felony and one count of ongoing criminal conduct, a Class B Felony.

Lavin was jailed in Dickinson County on $135,000 bond.

The charges are the result of an ongoing investigation by the Dickinson County Sheriff's Office, the Iowa Division of Criminal Investigation and the Iowa Insurance Division.

Authorities say the scope of the crime has yet to be determined. The number of fraud victims and the money involved in the alleged crimes are still under investigation.

Anyone who has done insurance or investment business with Mr. Lavin since his license was revoked or who has invested in Spencer Capital Growth is encouraged to call the Dickinson County Sheriff's Office at 712-336-2793 or the Iowa Division of Criminal Investigation at 712-263-4623.

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