The Iowa Insurance Division issued that order Tuesday against Bruce Billesbach, of Blair, Nebraska. Billesbach also was ordered to pay $100,000 in restitution and another $25,500 in penalties and costs for swindling two Iowa couples out of more than $100,000.
Court records show Billesbach convinced the couples to invest $50,000 each in his investment firm, but deposited most of the money into his personal account. Investigators say he strung the couples along for a few years; when they demanded itemized investment performance paperwork, Billesbach announced in 2016 he was closing the firm and that the money was all gone.
Last year, Billesbach pleaded guilty in Nebraska to two counts of securities fraud and no contest to two counts of making fraudulent statements and sentenced to five years’ probation.