CHICAGO - The Iowa Trust has sued an associate of Steven Wymer, the investment adviser charged last year with mishandling the trust's funds, alleging that he used the money to generate profits of $525,000 with a secret investment account.

The suit, filed in U.S. District Court in Colorado earlier this month, charges that Steen Ronlov, a Denver resident, participated in creating and managing a covert Iowa Trust account with Yamaichi International Inc. from August to December 1991. The account was established to trade options on U.S. Treasury securities, according to Anuradha Vaitheswaran, an Iowa assistant attorney general representing the Iowa Trust.

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