Police seek clients of charged Tama investment advisor

Tama police are seeking clients of a Grinnell investment adviser who has been accused of diverting funds to his own use.

“This has been a real complex case,” Police Chief Daniel Wilkens said Monday afternoon. “This has been going on for a long time.”

Daniel W. Huebner, 59, of rural Grinnell, was charged Feb. 10 with ongoing criminal conduct, a felony, for diverting a Tama woman's investment to his own properties, according to the complaint. Huebner told the woman and her family in October that he'd diverted the funds, estimated by Wilkens to be “in the close-to-$50,000 range.”

Huebner “has been involved in numerous money transactions involving the removal of the victim's invested funds,” the complaint said.

The victim reported her loss soon after her conversation with Huebner, Wilkens said, launching what he called a “lengthy and complex investigation.”

Local residents who have dealt with Huebner are asked to contact Tama police at (641) 484-3223, tamapd@telecom.net or 305 Siegel St., Tama, IA 52339.

“Hopefully people can call with more information,” Wilkens said.

Huebner, who has pleaded not guilty, is free on a $25,000 bond pending a March 8 preliminary hearing. He faces a maximum sentence of 25 years and a $10,000 fine if convicted.

In August 2003, Huebner signed a consent order agreeing to the revocation of his insurance producer license and permanently barring him from reapplying for one in Iowa.

In September 2007, the Iowa Insurance Division fining Huebner $15,000 for acting as an unlicensed securities broker. That followed an investigation that found he had misrepresented the risks and returns of investing in his venture to buy and manage rental properties.