IDAHO FALLS -- The Idaho Department of Finance has filed a securities lawsuit against a man who once operated several assisted-living facilities in eastern Idaho, alleging he obtained more than $500,000 from investors without telling them he was using some of the money to cover other debts or personal expenses.

The Post Register reports the lawsuit was filed in Bonneville County against Keith F. Rasmussen, who lost the Gables assisted living homes in bankruptcy proceedings.

Rasmussen's attorney, Dennis P. Wilkinson of Idaho Falls, declined comment.

The lawsuit alleges Rasmussen told investors their investment was virtually risk free and would be secured by real property.

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