Bob Bennie sues state

A local financial advisor is suing members of the Nebraska Department of Banking saying they violated his constitutional rights.

Bob Bennie owns his own financial advising company, Bob Bennie Wealth Management and he says the Nebraska Department of Banking launched an illegal review of his business because of his political party affiliation.  “They gave us no explanation, they never gave us a hearing, they never gave us a reason.  That's against the law.”

Bennie has been a financial advisor in Nebraska for 16 years and says the investigation being conducted on his company is unlike anything he's ever seen.   He is suing the department of banking, Finance Director John Munn and three other employees for a total of $6.4 million.

He says he received no due process throughout the review.  “We're also suing them from the standpoint of 'this shouldn't happen.' Government bureaucrats shouldn't be able to do this to business people.”

Bennie says he is convinced the review is due to his role in the state's Tea Party, where he has criticized several political figures in both major parties.  Under the review, the department told Bennie to cease all advertising and new client account activity.  He says as a result,  he's lost millions of dollars in assets.  “Hopefully, they'll find that indeed my constitutional rights were violated and they'll stop the state banking department from doing this to anybody in the future.”

Bennie ordered an independent audit through a third party firm and says the department refused to review it.  Munn says he's being represented by the state attorney general and had no comment on this story.  Jon Bruning's office also had no comment.