An Idaho insurance agent is the focus of a civil complaint by state regulators, accused of spending investor money on personal and business expenses and not investing it as promised.

Filed in Fourth District Court in Boise, Idaho, by the securities bureau of the Idaho Department of Finance, the complaint is against Jerry Francis Ward and his business, Med-Life, which operates primarily in Ada, Canyon and Kootenai counties in Idaho, although he does have clients in other parts of the state, according to the complaint.

According to a copy of the civil complaint, beginning at least by June 13, 2006, and continuing through October 2009, Ward issued securities in the form of investment contracts for the purpose of raising money for his personal benefit. At least three investors gave him $89,000 with promises of better than market returns on investments.

The complaint alleges that Ward defrauded investors by misrepresenting the investment on so-called “insured certificates of deposit,” neither FDIC insured nor issued by a financial institution, promoting the fictitious development of a senior housing facility in northern Idaho. He also omitted material information from the investor solicitations, according to the complaint.

Ward also failed to register the securities and failed to register as a securities broker-dealer, as required by law, officials said.

Ward has active disability/health and life licenses with the Idaho Department of Insurance, dating back to their issuance in 1982.

The Idaho Department of Finance issued a cease and desist order against Ward and Med-Life in June 2009, but Ward continued to raise funds in violation of the order and state securities law, according to officials.

The suit seeks a court order to permanently enjoin Ward from further violations of state law and seeks restitution for defrauded investors as well as civil penalties.