MASON CITY, IA – Three families from Mason City are suing Darrell Duane Smith’s ILenders/Energae program.
According to a press release, the suit is against Smith’s former brokerage firm and asks to recover almost a million dollars in losses. The suit says that Financial Industry Regulatory Authority,and Mr. Smith, misled investors to believe he would invest their savings safely, for high returns and tax benefits, in an ethanol production program called Energae.
The investors believe Smith stole the money they entrusted to him. An Ohio-based law firm is handling the case.