Colorado Springs insurance company ordered to pay $790,000 restitution

A Colorado Springs insurance company has been ordered to pay more than $790,000 in restitution after failing to meet earlier restitution obligations, Colorado securities regulators announced in a news release Monday.

The Denver District Court issued the order Aug. 11 and placed a permanent injunction on Rio National Insurance Services and its president and CEO, Steven E. Kerbel, for unlawful sale of unregistered securities, engaging in business in violation of licensing requirements under the Colorado Securities Act, and commission of securities fraud.

The company and Kerbel have been ordered to pay $790,719.45 in restitution.

A lawsuit filed Jan. 28 alleged that Rio National failed to pay $800,719.