A former Boise mortgage broker accused of duping local investors out of millions has been sued by the Idaho Department of Finance.
Stephen L. Howell, now of Plummer, defrauded investors out of $24 million by misrepresenting his investments, according to the lawsuit. Since 1988, Howell had been introducing investors to borrowers to fund mortgages and started investment and financial companies aimed at giving him more flexibility with the size and type of loans.
But the civil suit filed by the state says Howell left out crucial investment information and used investments for his own means, including funding a resort investment in Wyoming.
The lawsuit, filed in First District Court in Benewah County, asks a judge to find that Howell violated Idaho securities law and fine him $10,000 for each violation. The suit also seeks attorney fees and calls for someone to be appointed to manage Howell's assets for the good of investors. It also names Howell's companies, Security Financial Services, Inc., Security Financial Fund, LLC and Security Investors Fund, LLC, as defendants.