Blazefly, Inc. & Jamie Crager Ordered to Stop Offering and Selling Unregistered Securities, Pay $186,968 in Restitution; Iowans Encouraged to Report Fraud
Des Moines, Iowa -- Jamie L. Crager of Papilion, Nebraska and Blazefly Inc. (Blazefly) of Omaha, Nebraska were ordered today to pay a total of $186,968 in restitution and fines as well as to cease and desist offering or selling unregistered securities in Iowa. Crager, the owner and president of Blazefly, and Blazefly have been similarly sanctioned in Nebraska for similar activities (http://www.nebraska.gov/ndbf/searches/Orders/20170222_BlazeflyInc_C&D.pdf and http://www.nebraska.gov/ndbf/searches/Orders/20170424_BlazeflyInc_CancelHearing.pdf).
“Many scams we see revolve around unregistered individuals or products. Iowans can help protect themselves from these scammers by always double-checking with the Iowa Insurance Division before investing to make sure both the seller and the product are properly registered,” Iowa Insurance Commissioner Doug Ommen. “If something sounds too good to be true, it probably is. I encourage Iowans to contact the Iowa Insurance Division and submit a complaint if you feel you’ve been scammed by Blazefly, Crager, or anyone else selling unregistered products.”
Crager and Blazefly were found to have offered unregistered securities to at least 29 Iowa investors and sold unregistered securities to at least nine Iowa investors. Crager and Blazefly were jointly ordered to pay the following:
- Restitution totaling $145,611 to nine Iowa investors.
- $6,357 for costs of the investigation and prosecution.
- A fine of $35,000 to the Iowa Insurance Division’s investor education and financial literacy fund.
Today’s order bars Crager, Blazefly and any of their agents or representatives from applying for registration in Iowa as an investment adviser, investment adviser representative, securities agent, or broker-dealer for a period of 10 years.
Iowans can find more information about how to protect themselves from scams at iowafraudfighters.gov. Iowans that want to report a scam can do so by contacting the Iowa Insurance Division at iid.iowa.gov or 877-955-1212.
|
