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Lincoln man arrested, accused of bilking investors of $1M

October 13, 2021 GMT

LINCOLN, Neb. (AP) — A Lincoln man accused of mispresenting himself as a financial adviser has been been arrested after police said he bilked four people out of more than $1 million.

Douglas Cmelik, 65, turned himself in to police Tuesday and was arrested on suspicion of four counts of sale of securities by an unregistered investment adviser, the Lincoln Journal Star reported.

Investigators said the scheme dates back to 2013, when a Lincoln man reportedly invested $500,000 with Cmelik. Police said three other Lincoln residents together invested another $768,000 with Cmelik, who was charging fees for his investing services.

The four people reported significant losses due to Cmelik investing their money in high-risk stocks, police said.