As reported in Investmentnews.com, Levi David Lindemann, a Minnesota-based investment adviser has received a six-plus-year prison sentence for stealing from clients and perpetuating a Ponzi scheme.
The 40-year-old adviser, Lindemann, was sentenced to 74 months in prison by a Minnesota federal court, after having pled guilty earlier this year to federal mail fraud and money-laundering charges.
Mr. Lindemann owned and operated Gershwin Financial Inc., which did business under the name Alternative Wealth Solutions, between 2009 and 2014.
“Lindemann abused his position of trust as a financial adviser to steal from his clients, including the elderly ” Mike Rothman, Minnesota’s commerce commissioner, said. “Lindemann defrauded his victims by promising to put their money in legitimate, safe investments when he actually used the funds to pay for personal expenses and Ponzi-type payments to other clients to cover up and continue his fraud.”
According to Mr. Lindemann’s guilty plea, he solicited funds from roughly 50 investors and said he would “use the invested funds to buy secured notes or other legitimate investment vehicles.”
If you are a victim of Lindemann or some other Ponzi scheme, please call 1-866-817-0201 to speak to a private attorney on a free and confidential basis to discuss your rights in private litigation.