The Idaho Department of Finance is suing a man who raised more than $2 million from investors for allegedly violating state securities laws.
According to the six-count civil complaint filed Monday, the agency claims Richard Guyon of Nampa misrepresented to his clients that he managed a $12 million investment portfolio and instead spent investors' money on personal expenses.
The complaint also says Guyon did not tell his investors he had previously been sentenced to prison on federal financial crimes convictions, nor did he tell them that the investment contracts were unregistered securities.
George Breitsameter, a Nampa attorney representing Guyon, says that they are working to resolve the issue in a timely manner.
The state is seeking to ban Guyon from any future practice of managing investments in Idaho, as well as force Guyon to pay back his investors the nearly $2 million he received from them.