Centennial investment adviser’s license permanently revoked by securities commissioner
DENVER — Colorado Securities Commissioner Gerald Rome signed an order Monday, August 15, revoking the investment adviser representative license of Don Iley of Centennial, Colorado. The sanction was the result of an investigation conducted by the Division of Securities, part of the Colorado Department of Regulatory Agencies (DORA).
In a stipulation document detailing the cause of the revocation, the Division alleges that while working as a licensed sales representative for Transamerica Financial Advisers from 2012 to 2015, Iley collected approximately $2.5 million in payroll taxes from clients with his Transamerica business as well as a CPA business he was running. Those funds were deposited in Iley’s bank account, and he then reported to the Internal Revenue Service that he did not owe any withholding taxes because his businesses had no employees.
Iley was terminated as an employee of Transamerica in November of 2015, and soon after his CPA license was suspended by the Colorado Board of Accountancy. In Spring of 2016, the Financial Industry Regulatory Authority (FINRA) issued a Notice of Suspension, followed by permanently barring Iley from associating with FINRA membership. The State of Colorado’s revocation is the most recent, and stipulates a permanent sanction, stating that Iley may never reapply for either a sales representative or investment adviser in Colorado.
As part of the signed consent order, Iley neither admits nor denies the allegations made by Division staff.