Former Minnesota broker, Levi D. Lindemann, has been sentenced to six years in prison according to a press release from the Minnesota Department of Commerce.
Levi David Lindemann, age 40, was sentenced to 74 months in prison by a U.S. district court, after having pled guilty earlier this year to federal mail fraud and money-laundering charges.
Lindemann owned and operated Gershwin Financial Inc., which did business under the name Alternative Wealth Solutions, between 2009 and 2014.
He was indicted in December 2015 on one count mail fraud and one count money Laundering and pled guilty to stealing from his investment advisory clients, according to a press release. To conceal his fraudulent activity, according to the plea, Lindemann allegedly created counterfeit secured notes to provide proof to clients of their investment.
According to FINRA BrokerCheck, Lindemann has five pending customer disputes involving similar allegations. In addition to running his own business, Lindemann was a registered representative of Workman Securities from 10/2009 – 11/2010 and J.P. Turner & Co. from 11/2010 – 03/2012. In April of 2016, the SEC permanently barred Lindemann from acting as a broker and investment advisor, or otherwise associating with firms that sell securities or provide investment advice to the public.
When a broker steals or misappropriates client funds, not only can they be held liable for investment losses, the firm that employs such brokers may also be on the hook for losses.
To learn more about The White Law Group’s Investigation of Levi Lindemann see Levi D. Lindemann Pleads Guilty.
If you suffered losses investing with Levi D. Lindemann and would like to discuss your litigation options, please call the securities attorneys of The White Law Group at 1-888-637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website at www.whitesecuritieslaw.com.