Decatur County Judge John Lloyd has given preliminary approval to a $3 million settlement of two class-action lawsuits against Donald DeWaay and his recenlty shuttered broker-dealer in Clive. Lloyd also issued a preliminary ruling that plaintiffs could not opt out of the agreement, which was reached after investors complained they had been misled in making private placements in real estate and oil exploration leases that were promoted by DeWaay and his brokers. On Nov. 9, DeWaay informed that Financial Industry Regulatory Authority that he was terminating his broker-dealer license. He will continue to provide advisory services to clients. Meanwhile, Investment News provided an insight into DeWaay's rise and fall and what his experience portends for the industry. Read more.