A central Iowa investment advisor accused of operating a million-dollar Ponzi scheme is appealing the state’s revocation of his business licenses. Cory J. Dawkins of Elite Wealth Partners is asking a Polk County judge to overturn the Iowa Insurance Division’s decision to revoke his investment advisor and insurance producer licenses.
Dawkins, whose firm is accused of steering clients into high-risk, unregistered securities, claims the investigation has devastated his business and reputation, causing an 87% drop in revenue. He denies wrongdoing and asserts he had no decision-making authority in the investments under scrutiny.
The Iowa Insurance Division alleges Dawkins defrauded 15 investors of over $2.3 million, including a 19-year-old student who invested $188,000 after her father’s death. The division says EWP Permian Basin Fund II, promoted by Dawkins, falsely promised oil well investments and operated as a Ponzi scheme. The SEC later supported that conclusion…