Mishandling of $1.2 million in investments leads to arrest
LINCOLN, Neb. (KOLN) - A man was arrested on felony charges and accused of mismanaging more than $1.2 million in investments, according to the Lincoln Police Department.
Douglas Cmelik, 65, was booked into the Lancaster County Jail on four felony counts of sale of securities by an unregistered investment advisor.
LPD investigators said a victim invested $500,000 with Cmelik, who was operating as an investment advisor, back in 2013. The year before, investigators noted Cmelik’s registration with the State of Nebraska as an investment advisor had expired.
An investigation, dating back more than a year, revealed three other victims lost a significant amount of money after investing a total of $768,000 with Cmelik, who put their money in high-risk stocks, Lincoln Police said.
Cmelik turned himself into the Lancaster County Jail Tuesday.
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