New top Iowa gambling regulator named

The commission named Eick the permanent administrator in a meeting on Friday, saying she stood out through a long and competitive interview process.

Nine candidates were interviewed for the position, board member Amy Burkhart said.

“Throughout the feedback received and throughout that process it became very evident that we already have the person in place who is the best candidate to lead our commission forward,” she said.

The Racing and Gaming Commission is tasked with regulating and overseeing casinos, horse racing and sports betting in Iowa.

Eick has worked for the commission since 2017 as director of operations. She became interim administrator in December when the previous administrator, Brian Ohorilko, left the commission to take an executive position with Prairie Meadows Casino.

Eick was paid $143,408 in 2023, according to state records. Ohorilko was paid $217,427.

Board members who spoke at the meeting Friday heaped praises onto Eick, saying she had high qualifications, a deep knowledge of the state’s gambling rules and regulations, and a strong work ethic.

“I’m honored and I’m humbled by all of those comments and those kind words, and your confidence in me,” Eick told the commission on Friday. “And I really look forward to the challenges to come.”

Gambling regulations in Iowa have come under some scrutiny with questions over an investigation into illegal sports betting against a number of Iowa college athletes. The investigation was conducted by the Department of Criminal Investigation, and not the Racing and Gaming Commission.

Ohorilko previously said his decision to leave the post was not related to the investigation, but told a parent of one student athlete “a lot of people don’t agree” with how the investigation was handled, according to court documents.

The Iowa Insurance Division announced it has joined a $1.5 million multistate settlement with TradeStation Crypto, Inc.

The agreement resolves allegations the Florida-based company violated state and federal securities regulation by offering and selling an unregistered interest-bearing crypto-lending product without the proper registration or disclosure to investors.

The settlement comes as the result of an investigation led by state securities regulators in Alabama, California, Mississippi, North Carolina, Ohio, South Carolina, Washington and Wisconsin.

Under the program, investors passively earned interest on digital assets by loaning them to TradeStation, according to a news release from the Iowa Insurance Division. The crypto platform had total discretion over the revenue-generating activities used to earn returns for investors, the release states.

Regulators also lacked access of critical information necessary to understand the potential risks of TradeStation’s program.

TradeStation agreed to pay $1.5 million to 51 U.S. jurisdictions and $1.5 million to the SEC.

The company also agreed to stop offering, selling, or renewing its digital asset interest-earning program until it complies with applicable state and federal securities laws.

“Whatever Iowans may be looking to invest in, it’s always important for them to be vigilant and protect their assets,” Iowa Insurance Commissioner Doug Ommen said in a statement. “Iowans can always double-check before investing to make sure an…