(Des Moines, Iowa) – The Iowa Insurance Division has announced that investors that purchased retail precious metals from Los Angeles-based Lear Capital will receive compensation as a part of Lear Capital’s bankruptcy plan. State securities regulators had been investigating Lear for deceptive securities and commodities activities and misleading marketing at the time of the company’s bankruptcy.

“Lear Capital urged investors to liquidate their traditional retirement savings and buy precious metals without proper fee disclosures, and as a result of those deceptive practices, the company racked up millions of dollars at investors’ expense,” Deputy Commissioner Andrew Hartnett said. “The Iowa Insurance Division is always looking out for Iowans to protect them from harmful and deceptive business practices. I encourage any Iowan that may have been affected to get in contact with our office.”

Under the terms of the bankruptcy plan, Lear Capital will provide $5.5 million to be distributed to investors in Lear Capital’s precious metals. Lear Capital investors that filed a timely bankruptcy claim will receive refunds based on calculations determined by Lear Capital’s bankruptcy plan. In addition, Lear Capital will provide a pro rata distribution of the remaining funds to investors who did not file claims. The pro rata distribution applies to investors that bought precious metals from Lear Capital between January 1, 2016 and March 3, 2022.

Iowans that purchased precious metals from Lear Capital during that timeframe should contact the Iowa Insurance Division at amanda.robinson@iid.iowa.gov or at 515-654-6475.

Various regulators had alleged that Lear Capital, which sells and buys back metals through both direct-to-consumer transactions and self-directed IRA transactions, used deceptive business practices, and violated investor protection laws. These actions were resolved as part of the $5.5 million bankruptcy settlement.

As a part of Lear Capital’s bankruptcy plan, the company has also agreed to improve its sales practices and disclosures, including agreeing not to misrepresent its fee, not to offer portfolio assessments of securities holdings, not to hold itself out as an investment adviser in any way, and not to provide investment advice or commit securities or commodities fraud.

(Ames, Iowa) – The Iowa Transportation Commission today (Tuesday) approved $8.8 million for the fiscal year 2024 State Aviation Program, which includes several subprograms. Among the projects approved were those at the Council Bluffs, Creston and Harlan Municipal Airports.

The Airport Improvement Program (AIP) will fund $5.3 million for a variety of aviation safety initiatives, system planning, and air service development activities. It will also provide funding for airport development projects at 17 airports in Iowa. Eligible AIP projects include runway, taxiway, and apron development; fuel systems; navigational aids; maintenance of aviation weather systems; runway marking; windsocks; emergency operational repairs; land-use planning; air service initiatives; and the mitigation of obstruction and wildlife hazards at airports. The AIP program is funded with revenue from aircraft registration fees and aviation fuel taxes.

Among the projects is:

• The construction of a Hangar Site Development Area for the Council Bluffs Municipal Airport ($267,200 from the State toward the $668,000 cost of the project), and,
• Obstruction Analysis and Mitigation Plan at the Creston Municipal Airport ($8,000 from the State toward the $10,000 cost of the project).
  

Aviation vertical infrastructure programs will provide $3.5 million for projects at 11 general aviation airports and eight commercial service airports throughout Iowa. These programs provide funding for the maintenance and development of airport facilities such as terminal buildings, maintenance facilities, and aviation hangars. Vertical infrastructure programs are funded from the Rebuild Iowa Infrastructure Fund.

Among the AVIP Projects is the installation of new Hangar Doors at the Harlan Municipal Airport ($125,000 from the State toward the $150,000 cost of the project).

Iowa DOT Aviation Director Tim McClung notes that smart capital investment from state, federal, local, and private funding sources are keeping Iowa’s aviation system competitive.

(Radio Iowa) – A survey of several hundred Iowa businesses finds an overwhelming majority of them are in good shape compared to a year ago, despite record inflation, the rising cost of living, and ongoing supply chain challenges. Jim Plagge, president and C-E-O of Bank Iowa, says this is the institution’s second annual statewide survey of businesses and he’s encouraged by the results.

Plagge says more than 40-percent saw an increase in business, while another 40-percent stayed steady, so, better than eight in ten businesses are steady to improved. About 80-percent of Iowa businesses report open jobs with difficulty finding qualified workers, though some report an improvement in the quality of applicants.

(Radio Iowa) – The Centers for Disease Control is recommending a new vaccine to prevent the respiratory virus R-S-V in infants under eight months. University of Iowa Hospitals and Clinics pediatrician, Adam Brown, says the shot is possibly one of the biggest breakthroughs in pediatric medicine in the past two decades.

He says the recent research has shown that up to 75percent benefit from the shot by prevention of hospitalizations and 90 percent effective in preventing I-C-U admissions. He says the shot should be given in the fall, and it would take effect immediately provide coverage for five to six months.

He says the vaccine will likely be available this fall.

(Red Oak, Iowa) – Police in Red Oak report a Red Oak woman was cited into court, Monday morning, on Possession of Drug Paraphernalia, charge (A Simple Misdemeanor). 28-year-old Emily Rohner was issued the citation in the 1300 block of N. Broadway Street, at around 10:50-a.m.

And, 59-year-old Michael Robert Aguirre, of Red Oak, was arrested Monday afternoon in the 300 block of Nuckols Street, in Red Oak. Aguirre faces a Public Intoxication charge. He was being held in the Montgomery County Jail at last report, on a $300 cash bond.