Man arrested on investor violations, mismanaged millions

LINCOLN, Neb. -- Police say a man is facing charges after reportedly mismanaging more than $1.2 million in investments. 

Lincoln Police say 65-year-old Douglas Cmelik was booked on four felony counts of Sale of Securities by an unregistered investment advisor. 

Investigators say a victim invested $500,000 with him in 2013. Police say at the time, his registration with the State of Nebraska had expired. 

Three other victims who invested a total of $760,000 lost money through Cmelik, who put their money in high risk stocks. 

He turned himself in on Tuesday.