SEC fines Iowa insurance agent for oil, gas investments

BETTENDORF, Iowa (AP) — The U.S. Securities and Exchange Commission has fined a Bettendorf insurance agent nearly $112,000 for selling unregistered securities tied to oil wells in Texas. The agency said Cody Christopher Biggs was not registered to sell securities when when he sold millions of dollars in unregistered oil and gas securities dating back to 2016. According to an SEC complaint, Biggs hawked the securities for a Nevada private equity firm and Texas firm, which vastly overpromised returns and production of the wells. Federal regulators say Biggs received about $77,000 in sales commissions in the scheme. As part of a deal with the SEC last month, Biggs must pay that amount, plus interest of more than $9,700 and a civil penalty of $25,000.