SEC fines Bettendorf insurance agent

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 in filings that Cody Christopher Biggs, 39, was not registered to sell securities when he sold millions of dollars in oil and gas securities dating back to 2016.

According to an SEC complaint, Biggs hawked the securities for Nevada private equity firm and a Texas firm that sponsored the project, which vastly overpromised returns and production of the wells.

Federal regulators said Biggs received about $77,000 in sales commissions in the action.

As part of a deal with the SEC reached last month, Biggs must pay that amount, plus interest of more than $9,700 and a civil penalty of $25,000.

As part of the agreement, Biggs also is barred from working with registered investment companies or associating with brokers, dealers or investment advisers for at least two years.

Biggs declined to comment on the case or the agreement reached with the SEC.