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Lincoln man arrested after posing as investor, costing clients thousands, police say
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Lincoln man arrested after posing as investor, costing clients thousands, police say

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A 65-year-old Lincoln man was arrested after misrepresenting himself as a financial adviser and soliciting a total of more than $1 million in investments from four city residents, according to police. 

Douglas Cmelik turned himself in on Tuesday and was arrested on suspicion of four counts of sale of securities by an unregistered investment adviser, Lincoln Police Officer Erin Spilker said. 

The arrest stems from an ongoing fraud that dates back to 2013, when a Lincoln man invested $500,000 with Cmelik, Spilker said. 

Three other city residents invested a total of $768,000 with Cmelik, who was charging fees for his services, Spilker said. 

Douglas Cmelik

Cmelik

Spilker said all four people reported losing "significant" amounts of money due to Cmelik investing their funds in high-risk stocks. 

Cmelik was fired in 2011 after a 14-year stint with Ameriprise Financial, according to the law firm Goodman & Nekvasil. In 2014, the Financial Industry Regulatory Authority suspended Cmelik from the securities and investment banking industry for 60 days and fined him $10,000, according to the law firm. 

Cmelik was suspended for filing irregularities, found after he was accused of recommending "an unsuitable penny stock," according to the law firm. 

The 63-year-old who invested with Cmelik in 2013 reported the alleged fraud in March 2020, Lincoln police said. 

Nearly 19 months later, he was booked in the Lancaster County jail. 

Reach the writer at 402-473-7223 or awegley@journalstar.com.

On Twitter @andrewwegley

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